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Characterization of Revenue Equivalence

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  • First:Birgit Heydenreich
  • Rudolf Muller
  • Marc Uetz
  • Rakesh Vohra

Abstract

The property of an allocation rule to be implementable in dominant strategies by a unique payment scheme is called revenue equivalence. In this paper we give a characterization of revenue equivalence based on a graph theoretic interpretation of the incentive compatibility constraints. The characterization holds for any (possibly in¯nite) outcome space and many of the known results about revenue equivalence are immediate consequence

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Paper provided by Northwestern University, Center for Mathematical Studies in Economics and Management Science in its series Discussion Papers with number 1448.

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Date of creation: May 2007
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Handle: RePEc:nwu:cmsems:1448

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  1. Green, Jerry & Laffont, Jean-Jacques, 1977. "Characterization of Satisfactory Mechanisms for the Revelation of Preferences for Public Goods," Econometrica, Econometric Society, vol. 45(2), pages 427-38, March.
  2. Klemperer, Paul, 1999. " Auction Theory: A Guide to the Literature," Journal of Economic Surveys, Wiley Blackwell, vol. 13(3), pages 227-86, July.
  3. Rochet, Jean-Charles, 1987. "A necessary and sufficient condition for rationalizability in a quasi-linear context," Journal of Mathematical Economics, Elsevier, vol. 16(2), pages 191-200, April.
  4. Olszewski, Wojciech & Chung, Kim-Sau, 2007. "A non-differentiable approach to revenue equivalence," Theoretical Economics, Econometric Society, vol. 2(4), December.
  5. Muller, Rudolf & Perea, Andres & Wolf, Sascha, 2007. "Weak monotonicity and Bayes-Nash incentive compatibility," Games and Economic Behavior, Elsevier, vol. 61(2), pages 344-358, November.
  6. Jehiel, Phillipe & Moldovanu, Benny, 1998. "Efficient Design with Interdependent Valuations," Sonderforschungsbereich 504 Publications 98-22, Sonderforschungsbereich 504, Universität Mannheim;Sonderforschungsbereich 504, University of Mannheim.
  7. Holmstrom, Bengt, 1979. "Groves' Scheme on Restricted Domains," Econometrica, Econometric Society, vol. 47(5), pages 1137-44, September.
  8. Gérard P. Cachon & Martin A. Lariviere, 1999. "Capacity Choice and Allocation: Strategic Behavior and Supply Chain Performance," Management Science, INFORMS, vol. 45(8), pages 1091-1108, August.
  9. Gui,Hongwei & Müller,Rudolf & Vohra,Rakesh, 2004. "Dominant Strategy Mechanisms with Multidimensional Types," Research Memorandum 047, Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR).
  10. Jeroen Suijs, 1996. "On incentive compatibility and budget balancedness in public decision making," Review of Economic Design, Springer, vol. 2(1), pages 193-209, December.
  11. Paul Milgrom & Ilya Segal, 2002. "Envelope Theorems for Arbitrary Choice Sets," Econometrica, Econometric Society, vol. 70(2), pages 583-601, March.
  12. Sushil Bikhchandani & Shurojit Chatterji & Ron Lavi & Ahuva Mu'alem & Noam Nisan & Arunava Sen, 2006. "Weak Monotonicity Characterizes Deterministic Dominant-Strategy Implementation," Econometrica, Econometric Society, vol. 74(4), pages 1109-1132, 07.
  13. Krishna, Vijay & Maenner, Eliot, 2001. "Convex Potentials with an Application to Mechanism Design," Econometrica, Econometric Society, vol. 69(4), pages 1113-19, July.
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Cited by:
  1. Berger André & Müller Rudolf & Naeemi Seyed Hossein, 2010. "Path-Monotonicity and Incentive Compatibility," Research Memorandum 035, Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR).
  2. Katherine Cuff & Sunghoon Hong & Jesse Schwartz & Quan Wen & John Weymark, 2012. "Dominant strategy implementation with a convex product space of valuations," Social Choice and Welfare, Springer, vol. 39(2), pages 567-597, July.
  3. Debasis Mishra & Souvik Roy, 2011. "Implementation in multidimensional dichotomous domains," Indian Statistical Institute, Planning Unit, New Delhi Discussion Papers 11-15, Indian Statistical Institute, New Delhi, India.
  4. Lavi, Ron & Oren, Sigal, 2012. "Side-communication yields efficiency of ascending auctions: The two-items case," Games and Economic Behavior, Elsevier, vol. 76(2), pages 439-456.
  5. Heydenreich, Birgit & Mishra, Debasis & Müller, Rudolf & Uetz, Marc, 2008. "Optimal Mechanisms for Single Machine Scheduling," Research Memorandum 033, Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR).
  6. Juan Carlos Carbajal & Jeffrey C. Ely, 2012. "Mechanism Design Without Revenue Equivalence," Discussion Papers Series 458, School of Economics, University of Queensland, Australia.
  7. Carbajal, Juan Carlos, 2010. "On the uniqueness of Groves mechanisms and the payoff equivalence principle," Games and Economic Behavior, Elsevier, vol. 68(2), pages 763-772, March.
  8. Carbajal, Juan Carlos & Ely, Jeffrey C., 2013. "Mechanism design without revenue equivalence," Journal of Economic Theory, Elsevier, vol. 148(1), pages 104-133.
  9. Rachmilevitch, Shiran, 2014. "First-best collusion without communication," Games and Economic Behavior, Elsevier, vol. 83(C), pages 224-230.
  10. Jacob K. Goeree & Alexey Kushnir, 2011. "On the equivalence of Bayesian and dominant strategy implementation in a general class of social choice problems," ECON - Working Papers 021, Department of Economics - University of Zurich.
  11. Makowski, Louis & Ostroy, Joseph M., 2013. "From revealed preference to preference revelation," Journal of Mathematical Economics, Elsevier, vol. 49(1), pages 71-81.

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