A Characterization of Natural and Double Implementation in Production Economics
AbstractWe 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 InfoPaper provided by Institute of Economic Research, Hitotsubashi University in its series Discussion Paper Series with number a387.
Date of creation: Feb 2000
Date of revision:
Double Implementation; Natural Mechanisms; Supporting Price Independence; the Walrasian Solution;
Other versions of this item:
- Naoki Yoshihara, 2000. "A characterization of natural and double implementation in production economies," Social Choice and Welfare, Springer, vol. 17(4), pages 571-599.
- C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
- D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies
- D78 - Microeconomics - - Analysis of Collective Decision-Making - - - Positive Analysis of Policy-Making and Implementation
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- Maskin, Eric & Sjostrom, Tomas, 2001.
5-01-1, Pennsylvania State University, Department of Economics.
- Matthew O. Jackson, 2001.
"A crash course in implementation theory,"
Social Choice and Welfare,
Springer, vol. 18(4), pages 655-708.
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