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A Characterization of Natural and Double Implementation in Production Economics

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  • Naoki Yoshihara

Abstract

We define two types of natural mechanisms, quantity and price-quantity types, in convex production economies, and characterize the class of Pareto subsolutions doubly implementable in Nash and strong Nash equilibria by these mechanisms respectively. First, we show that there is a class of Pareto subsolutions doubly implementable by natural quantity mechanisms, as long as prodution sets have smooth boundaries. We characterize the class of Pareto subsolution doubly implementable natural price-quantity mechanisms without assuming differentiability of utility functions. Third, we show that the Walrasian solution is the unique Pareto and fully individually rational solution naturally and doubly implementable in private ownership economies.

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Bibliographic Info

Paper provided by Institute of Economic Research, Hitotsubashi University in its series Discussion Paper Series with number a387.

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Date of creation: Feb 2000
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Handle: RePEc:hit:hituec:a387

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Keywords: Double Implementation; Natural Mechanisms; Supporting Price Independence; the Walrasian Solution;

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Cited by:
  1. Jackson, Matthew O., 1999. "A Crash Course in Implementation Theory," Working Papers 1076, California Institute of Technology, Division of the Humanities and Social Sciences.
  2. Maskin, Eric & Sjostrom, Tomas, 2001. "Implementation Theory," Working Papers 5-01-1, Pennsylvania State University, Department of Economics.

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