Implementation by Mediated Equilibrium
AbstractImplementation theory tackles the following problem: given a social choice correspondence, find a decentralized mechanism such that for every constellation of the individuals' preferences, the set of outcomes in equilibrium is exactly the set of socially optimal alternatives (as specified by the correspondence). In this paper we are concerned with implementation by mediated equilibrium; under such an equilibrium, a mediator coordinates the players' strategies in a way that discourages deviation. Our main result is a complete characterization of social choice correspondences which are implementable by mediated strong equilibrium. This characterization, in addition to being strikingly concise, implies that some important social choice correspondences which are not implementable by strong equilibrium are in fact implementable by mediated strong equilibrium.
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Bibliographic InfoPaper provided by The Center for the Study of Rationality, Hebrew University, Jerusalem in its series Discussion Paper Series with number dp463.
Length: 22 pages
Date of creation: Sep 2007
Date of revision:
Other versions of this item:
- NEP-ALL-2007-11-10 (All new papers)
- NEP-CDM-2007-11-10 (Collective Decision-Making)
- NEP-GTH-2007-11-10 (Game Theory)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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