Optimal Mechanism Design without Money
AbstractWe consider the standard mechanism design environment with linear utility but without monetary transfers. We first establish an equivalence between deterministic, dominant strategy incentive compatible mechanisms and generalized median voter schemes. We then use this equivalence to construct the constrained-efficient optimal mechanism for an utilitarian planner.
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Bibliographic InfoPaper provided by University of Toronto, Department of Economics in its series Working Papers with number tecipa-481.
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Date of creation: 10 Apr 2013
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Mechanism Design; Dominant Strategy Implementation; Median Voter Schemes; Social Choice;
Find related papers by JEL classification:
- D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
- D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations
This paper has been announced in the following NEP Reports:
- NEP-ALL-2013-04-20 (All new papers)
- NEP-CTA-2013-04-20 (Contract Theory & Applications)
- NEP-MIC-2013-04-20 (Microeconomics)
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