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Universal Mechanisms and Moral Preferences in Implementation

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  • Hitoshi Matsushima

    (Faculty of Economics, University of Tokyo)

Abstract

This paper reconsiders implementation of social choice functions defined as mapping from states to consequences, where we require the uniqueness of equilibrium outcome at every state. In contrast with the standard models, we construct only mechanisms that are universal, i.e., are free from the detail of the model specification such as the set of states, and allow each agent to have small moral preference. We show that a single mechanism can implement every incentive compatible social choice function. Moral preferences serve not only to eliminate unwanted equilibria but also to make the central planner's information processing simplified as much as possible in ways that each agent will translate her indescribable private signal into the describable characteristic of the socially optimal alternative.

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File URL: http://www.cirje.e.u-tokyo.ac.jp/research/dp/2003/2003cf254.pdf
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Bibliographic Info

Paper provided by CIRJE, Faculty of Economics, University of Tokyo in its series CIRJE F-Series with number CIRJE-F-254.

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Length: 31 pages
Date of creation: Dec 2003
Date of revision:
Handle: RePEc:tky:fseres:2003cf254

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References

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  1. Ingela Brundin & Ching-to Albert Ma, 1998. "Moral Hazard, Insurance, and Some Collusion," Papers 0089, Boston University - Industry Studies Programme.
  2. Eliaz, K., 1999. "Fault Tolerant Implementation," Papers 21-99, Tel Aviv.
  3. Brian Erard & Jonathan S. Feinstein, 1994. "Honesty and Evasion in the Tax Compliance Game," RAND Journal of Economics, The RAND Corporation, vol. 25(1), pages 1-19, Spring.
  4. Matsushima Hitoshi, 1993. "Bayesian Monotonicity with Side Payments," Journal of Economic Theory, Elsevier, vol. 59(1), pages 107-121, February.
  5. Jean Tirole, 1999. "Incomplete Contracts: Where Do We Stand?," Econometrica, Econometric Society, vol. 67(4), pages 741-782, July.
  6. Hart, Oliver, 1995. "Firms, Contracts, and Financial Structure," OUP Catalogue, Oxford University Press, number 9780198288817.
  7. Glazer, Jacob & Rubinstein, Ariel, 1998. "Motives and Implementation: On the Design of Mechanisms to Elicit Opinions," Journal of Economic Theory, Elsevier, vol. 79(2), pages 157-173, April.
  8. Roberto Serrano & Rajiv Vohra, . "Type Diversity and Virtual Bayesian Implementation Creation-Date: 2000," Working Papers 2000-16, Brown University, Department of Economics.
  9. Kfir Eliaz, 2002. "Fault Tolerant Implementation," Review of Economic Studies, Oxford University Press, vol. 69(3), pages 589-610.
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Cited by:
  1. Hitoshi Matsushima, 2004. "On Detail-Free Mechanism Design and Rationality," CIRJE F-Series CIRJE-F-287, CIRJE, Faculty of Economics, University of Tokyo.

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