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A Revelation Principle For Competing Mechanisms

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  • Larry Epstein
  • Michael Peters

Abstract

In modelling competition among mechanism designers, it is necessary to specify the set of feasible mechanisms. These specifications are often borrowed from the optimal mechanism design literature and exclude mechanisms that are natural in a competitive environment; for example, mechanisms that depend on the mechanisms chosen by competitors. This paper constructs a set of mechanisms that is universal in that any specific model of the feasible set can be embedded in it. An equilibrium for a specific model is robust if and only if it is an equilibrium also for the universal set of mechanisms. A key to the construction is a language for describing mechanisms that is not tied to any preconceived notions of the nature of competition.

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Bibliographic Info

Paper provided by University of Toronto, Department of Economics in its series Working Papers with number peters-96-02.

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Length: 54 pages
Date of creation: 09 Dec 1996
Date of revision:
Handle: RePEc:tor:tecipa:peters-96-02

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  1. Kyle, Albert S, 1985. "Continuous Auctions and Insider Trading," Econometrica, Econometric Society, vol. 53(6), pages 1315-35, November.
  2. Michael Peters & Sergei Severinov, 1995. "Competition Among Sellers who offer Auctions Instead of Prices," Working Papers peters-95-02, University of Toronto, Department of Economics.
  3. Bernhardt, Dan & Hughson, Eric, 1997. "Splitting Orders," Review of Financial Studies, Society for Financial Studies, vol. 10(1), pages 69-101.
  4. Katz, Michael L., 1991. "Game-Playing Agents: Unobservable Contracts as Precommitments," Department of Economics, Working Paper Series qt79b870w0, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
  5. Schmeidler, David, 1989. "Subjective Probability and Expected Utility without Additivity," Econometrica, Econometric Society, vol. 57(3), pages 571-87, May.
  6. Vassilakis, Spyros, 1992. "Some economic applications of Scott domains," Mathematical Social Sciences, Elsevier, vol. 24(2-3), pages 173-208, November.
  7. Myerson, Roger B., 1982. "Optimal coordination mechanisms in generalized principal-agent problems," Journal of Mathematical Economics, Elsevier, vol. 10(1), pages 67-81, June.
  8. Vassilakis, S., 1991. "Rules for Changing the Rules," Papers 32, Stanford - Institute for Thoretical Economics.
  9. Wilson, Robert B, 1985. "Incentive Efficiency of Double Auctions," Econometrica, Econometric Society, vol. 53(5), pages 1101-15, September.
  10. Peters, Michael, 1997. "A Competitive Distribution of Auctions," Review of Economic Studies, Wiley Blackwell, vol. 64(1), pages 97-123, January.
  11. Harsanyi, John C, 1995. "Games with Incomplete Information," American Economic Review, American Economic Association, vol. 85(3), pages 291-303, June.
  12. McAfee, R Preston, 1993. "Mechanism Design by Competing Sellers," Econometrica, Econometric Society, vol. 61(6), pages 1281-1312, November.
  13. Glosten, Lawrence R, 1989. "Insider Trading, Liquidity, and the Role of the Monopolist Specialist," The Journal of Business, University of Chicago Press, vol. 62(2), pages 211-35, April.
  14. Brandenburger Adam & Dekel Eddie, 1993. "Hierarchies of Beliefs and Common Knowledge," Journal of Economic Theory, Elsevier, vol. 59(1), pages 189-198, February.
  15. Wilson, Robert, 1979. "Auctions of Shares," The Quarterly Journal of Economics, MIT Press, vol. 93(4), pages 675-89, November.
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