A comment on the Nash program and the theory of implementation
AbstractThe mechanisms in the Nash program for cooperative games are made compatible with the framework of the theory of implementation. This is done through a reinterpretation of the characteristic function that avoids feasibility problems, thereby allowing an analysis that focuses exclusively on the payoff space. In this framework, we show that the core is the only major cooperative solution that is Maskin monotonic. Thus, implementation of most cooperative solutions must rely on refinements of the Nash equilibrium concept (like most papers in the Nash program do). Finally, the mechanisms in the Nash program are adapted into the model.
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Bibliographic InfoPaper provided by Department of Economics and Business, Universitat Pompeu Fabra in its series Economics Working Papers with number 161.
Date of creation: Mar 1996
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Web page: http://www.econ.upf.edu/
Nash program; implementation;
Other versions of this item:
- Serrano, Roberto, 1997. "A comment on the Nash program and the theory of implementation," Economics Letters, Elsevier, vol. 55(2), pages 203-208, August.
- C71 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Cooperative Games
- C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
- D70 - Microeconomics - - Analysis of Collective Decision-Making - - - General
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- Serrano Roberto, 1995. "A Market to Implement the Core," Journal of Economic Theory, Elsevier, vol. 67(1), pages 285-294, October.
- 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.
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