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On the Revelation Principle and Reciprocal Mechanisms in Competing Mechanism Games

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  • Peters, Michael

Abstract

This paper provides a set of mechanisms that we refer to as emph{reciprocal mechanisms. }These mechanisms have the property that every outcome that can be supported as a Bayesian equilibrium in a competing mechanism game can be supported as an equilibrium in reciprocal mechanisms. In this sense, reciprocal mechanisms play the same role as direct mechanisms do in single principal problems. The advantage of these mechanisms over alternatives like the universal set of mechanisms is that they are conceptually straightforward and no more difficult to deal with than the simple direct mechanisms used in single principal mechanism design.

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File URL: http://montoya.econ.ubc.ca/mike/dual_mechanisms.pdf
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Bibliographic Info

Paper provided by Vancouver School of Economics in its series Microeconomics.ca working papers with number michael_peters-2010-18.

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Length: 11 pages
Date of creation: 13 May 2010
Date of revision: 19 Feb 2014
Handle: RePEc:ubc:pmicro:michael_peters-2010-18

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Web page: http://www.economics.ubc.ca/

Related research

Keywords: competing mechanisms; revelation principle;

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  1. Calzolari, Giacomo & Pavan, Alessandro, 2008. "On the use of menus in sequential common agency," Games and Economic Behavior, Elsevier, vol. 64(1), pages 329-334, September.
  2. Michael Peters, 1999. "Common Agency and the Revelation Principle," Working Papers peters-99-01, University of Toronto, Department of Economics.
  3. Epstein, Larry G. & Peters, Michael, 1999. "A Revelation Principle for Competing Mechanisms," Journal of Economic Theory, Elsevier, vol. 88(1), pages 119-160, September.
  4. Ilya Segal & Michael D. Whinston, 2003. "Robust Predictions for Bilateral Contracting with Externalities," Econometrica, Econometric Society, vol. 71(3), pages 757-791, 05.
  5. McAfee, R Preston, 1993. "Mechanism Design by Competing Sellers," Econometrica, Econometric Society, vol. 61(6), pages 1281-1312, November.
  6. Takuro Yamashita, 2010. "Mechanism Games With Multiple Principals and Three or More Agents," Econometrica, Econometric Society, vol. 78(2), pages 791-801, 03.
  7. Peters, Michael & Troncoso-Valverde, Cristián, 2013. "A folk theorem for competing mechanisms," Journal of Economic Theory, Elsevier, vol. 148(3), pages 953-973.
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