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Justifiability of Bayesian Implementation in Oligopolistic Markets

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  • Koray, Semih
  • Saglam, Ismail

Abstract

We show that in oligopolistic markets the social choice correspondence which selects all socially efficient outcomes is Nash implementable if the number of firms is at least two. Thus, monopoly regulation whenever consumers are favored by the designer or the society is the only framework, among all oligopolistic regulatory models, where Bayesian approach is indispensable.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 4459.

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Date of creation: 1997
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Handle: RePEc:pra:mprapa:4459

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Related research

Keywords: Bayesian Implementation; Nash Implementation; Asymmetric Information; Oligopoly; Regulation;

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References

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  1. Postlewaite, Andrew & Schmeidler, David, 1986. "Implementation in differential information economies," Journal of Economic Theory, Elsevier, Elsevier, vol. 39(1), pages 14-33, June.
  2. Koray, Semih & Saglam, Ismail, 2005. "Learning in Bayesian Regulation," MPRA Paper 1899, University Library of Munich, Germany.
  3. Laffont, Jean-Jacques, 1994. "The New Economics of Regulation Ten Years After," Econometrica, Econometric Society, Econometric Society, vol. 62(3), pages 507-37, May.
  4. Saijo, Tatsuyoshi, 1988. "Strategy Space Reduction in Maskin's Theorem: Sufficient Conditions for Nash Implementation," Econometrica, Econometric Society, Econometric Society, vol. 56(3), pages 693-700, May.
  5. Moore, John & Repullo, Rafael, 1990. "Nash Implementation: A Full Characterization," Econometrica, Econometric Society, Econometric Society, vol. 58(5), pages 1083-99, September.
  6. Myerson, Roger B, 1979. "Incentive Compatibility and the Bargaining Problem," Econometrica, Econometric Society, Econometric Society, vol. 47(1), pages 61-73, January.
  7. Vogelsang, Ingo, 1988. "A Little Paradox in the Design of Regulatory Mechanisms," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 29(3), pages 467-76, August.
  8. Koray, Semih & Sertel, Murat R., 1990. "Pretend-but-perform regulation and limit pricing," European Journal of Political Economy, Elsevier, vol. 6(4), pages 451-472.
  9. Palfrey, Thomas R & Srivastava, Sanjay, 1987. "On Bayesian Implementable Allocations," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 54(2), pages 193-208, April.
  10. Satterthwaite, Mark Allen, 1975. "Strategy-proofness and Arrow's conditions: Existence and correspondence theorems for voting procedures and social welfare functions," Journal of Economic Theory, Elsevier, Elsevier, vol. 10(2), pages 187-217, April.
  11. Harsanyi, John C, 1995. "Games with Incomplete Information," American Economic Review, American Economic Association, American Economic Association, vol. 85(3), pages 291-303, June.
  12. Palfrey, Thomas R & Srivastava, Sanjay, 1989. "Implementation with Incomplete Information in Exchange Economies," Econometrica, Econometric Society, Econometric Society, vol. 57(1), pages 115-34, January.
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