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Implementation in Minimax Regret Equilibrium

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  • Ludovic Renou

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  • Karl H. Schlag

Abstract

This note studies the problem of implementing social choice correspondences in environments where individuals have doubts about the rationality of their opponents. We postulate the concept of "-minimax regret as our solution concept and show that social choice correspondences that are Maskin monotonic and satisfy the no-veto power condition are implementable in "-minimax regret equilibrium for all " ? [0, 1).

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File URL: http://www.le.ac.uk/economics/research/repec/lec/leecon/dp09-24.pdf
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Bibliographic Info

Paper provided by Department of Economics, University of Leicester in its series Discussion Papers in Economics with number 09/24.

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Date of creation: Oct 2009
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Handle: RePEc:lec:leecon:09/24

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Postal: Department of Economics University of Leicester, University Road. Leicester. LE1 7RH. UK
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Keywords: Implementation; minimax regret; Maskin monotonicity.;

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References

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  1. Claudio Mezzetti & Ludovic Renou, 2009. "Implementation in Mixed Nash Equilibrium," The Warwick Economics Research Paper Series (TWERPS) 902, University of Warwick, Department of Economics.
  2. Matthew O. Jackson, 1990. "Undominated Nash Implementation in Bounded Mechanisms," Discussion Papers 966, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  3. Bergemann, Dirk & Morris, Stephen & Tercieux, Olivier, 2011. "Rationalizable implementation," Journal of Economic Theory, Elsevier, vol. 146(3), pages 1253-1274, May.
  4. Ludovic Renou & Karl Schlag, 2008. "Minimax regret and strategic uncertainty," Economics Working Papers 1087, Department of Economics and Business, Universitat Pompeu Fabra.
  5. Jackson, Matthew O., 1999. "A Crash Course in Implementation Theory," Working Papers 1076, California Institute of Technology, Division of the Humanities and Social Sciences.
  6. Maskin, Eric, 1999. "Nash Equilibrium and Welfare Optimality," Review of Economic Studies, Wiley Blackwell, vol. 66(1), pages 23-38, January.
  7. Tumennasan, Norovsambuu, 2013. "To err is human: Implementation in quantal response equilibria," Games and Economic Behavior, Elsevier, vol. 77(1), pages 138-152.
  8. Sjostrom Tomas, 1994. "Implementation in Undominated Nash Equilibria without Integer Games," Games and Economic Behavior, Elsevier, vol. 6(3), pages 502-511, May.
  9. Antonio Cabrales & Roberto Serrano, 2007. "Implementation in Adaptive Better-Response Dynamics," Economics Working Papers we075731, Universidad Carlos III, Departamento de Economía.
  10. Palfrey, Thomas R & Srivastava, Sanjay, 1991. "Nash Implementation Using Undominated Strategies," Econometrica, Econometric Society, vol. 59(2), pages 479-501, March.
  11. Jörg Stoye, 2011. "Statistical decisions under ambiguity," Theory and Decision, Springer, vol. 70(2), pages 129-148, February.
  12. Maskin, Eric & Sjostrom, Tomas, 2002. "Implementation theory," Handbook of Social Choice and Welfare, in: K. J. Arrow & A. K. Sen & K. Suzumura (ed.), Handbook of Social Choice and Welfare, edition 1, volume 1, chapter 5, pages 237-288 Elsevier.
  13. Hayashi, Takashi, 2008. "Regret aversion and opportunity dependence," Journal of Economic Theory, Elsevier, vol. 139(1), pages 242-268, March.
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Cited by:
  1. Stoye, Jörg, 2011. "Axioms for minimax regret choice correspondences," Journal of Economic Theory, Elsevier, vol. 146(6), pages 2226-2251.
  2. Felix Bierbrauer & Nick Netzer, 2012. "Mechanism design and intentions," ECON - Working Papers 066, Department of Economics - University of Zurich, revised Apr 2014.
  3. Masuda, Takehito & Okano, Yoshitaka & Saijo, Tatsuyoshi, 2014. "The minimum approval mechanism implements the efficient public good allocation theoretically and experimentally," Games and Economic Behavior, Elsevier, vol. 83(C), pages 73-85.
  4. Takehito Masuda & Yoshitaka Okano & Tatsuyoshi Saijo, 2013. "The Minimum Approval Mechanism Implements the Efficient Public Good Allocation Theoretically and Experimentally," ISER Discussion Paper 0874r, Institute of Social and Economic Research, Osaka University, revised Sep 2013.
  5. repec:dpr:wpaper:0874 is not listed on IDEAS

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