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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. Abreu, D. & Matsushima, H., 1991. "Virtual Implementation in Iteratively Undominated Strategies: Incomplete Information," Working Papers e-91-2, Hoover Institution, Stanford University.
  2. Matsushima Hitoshi, 1993. "Bayesian Monotonicity with Side Payments," Journal of Economic Theory, Elsevier, vol. 59(1), pages 107-121, February.
  3. Deneckere,R. & Severinov,S., 2001. "Mechanism design and communication costs," Working papers 23, Wisconsin Madison - Social Systems.
  4. Eliaz, K., 1999. "Fault Tolerant Implementation," Papers 21-99, Tel Aviv.
  5. 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.
  6. Amartya Sen, 1999. "The Possibility of Social Choice," American Economic Review, American Economic Association, vol. 89(3), pages 349-378, June.
  7. Alger, Ingela & Albert Ma, Ching-to, 2003. "Moral hazard, insurance, and some collusion," Journal of Economic Behavior & Organization, Elsevier, vol. 50(2), pages 225-247, February.
  8. Maskin, Eric & Tirole, Jean, 1999. "Unforeseen Contingencies and Incomplete Contracts," Review of Economic Studies, Wiley Blackwell, vol. 66(1), pages 83-114, January.
  9. Jackson, Matthew O, 1991. "Bayesian Implementation," Econometrica, Econometric Society, vol. 59(2), pages 461-77, March.
  10. Roberto Serrano & Rajiv Vohra, . "Type Diversity and Virtual Bayesian Implementation Creation-Date: 2000," Working Papers 2000-16, Brown University, Department of Economics.
  11. 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.
  12. Fehr, Ernst & Schmidt, Klaus M., 2001. "Theories of Fairness and Reciprocity," Discussion Papers in Economics 14, University of Munich, Department of Economics.
  13. Serrano, Roberto & Vohra, Rajiv, 2001. "Some Limitations of Virtual Bayesian Implementation," Econometrica, Econometric Society, vol. 69(3), pages 785-92, May.
  14. John Duggan, 1997. "Virtual Bayesian Implementation," Econometrica, Econometric Society, vol. 65(5), pages 1175-1200, September.
  15. Abreu, Dilip & Matsushima, Hitoshi, 1992. "A Response [Virtual Implementation in Iteratively Undominated Strategies I: Complete Information]," Econometrica, Econometric Society, vol. 60(6), pages 1439-42, November.
  16. Jean Tirole, 1999. "Incomplete Contracts: Where Do We Stand?," Econometrica, Econometric Society, vol. 67(4), pages 741-782, July.
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Cited by:
  1. Hitoshi Matsushima, 2005. "On Detail-Free Mechanism Design And Rationality," The Japanese Economic Review, Japanese Economic Association, vol. 56(1), pages 41-54.

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