Implementation with Near-Complete Information
AbstractMany refinements of Nash equilibrium yield solution correspondences that do not have closed graph in the space of payoffs or information. This has significance for implementation theory, especially under complete information. If a planner is concerned that all equilibria of his mechanism yield a desired outcome, and entertains the possibility that players may have even the slightest uncertainty about payoffs, then the planner should insist on a solution concept with closed graph. We show that this requirement entails substantial restrictions on the set of implementable social choice rules. In particular, when preferences are strict (or more generally, hedonic), while almost any social choice function can be implemented in undominated Nash equilibrium, only monotonic social choice functions can be implemented in the closure of the undominated Nash correspondence. Copyright Econometric Society, 2002.
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Bibliographic InfoPaper provided by Northwestern University, Center for Mathematical Studies in Economics and Management Science in its series Discussion Papers with number 1332.
Date of creation: Nov 2001
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- NEP-GTH-2002-01-22 (Game Theory)
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