Efficient Design with Interdependent Valuations
AbstractWe study the existence of efficient, Bayesian incentive compatible allocation procedures in a general setting with interdependent valuations. Possible applications include multi-object auctions and the provision of public goods. We emphasize the role of multidimensional signals, and, in view of applications, we allow for both informational and allocative externalties. The main result can exist only when private and social rates of information substitution are equal. This condition cannot be generically satisfied. We also discuss the one-dimensional case, and show that efficient implementation is there possible.
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Bibliographic InfoPaper provided by Sonderforschungsbereich 504, Universität Mannheim & Sonderforschungsbereich 504, University of Mannheim in its series Sonderforschungsbereich 504 Publications with number 98-22.
Length: 30 pages
Date of creation: 01 Jan 1998
Date of revision:
Note: Financial Support from the Deutsche Forschungsgemeinschaft, SFB 504, at the University of Mannheim, is gratefully acknowledged. We wish to thank Eric Maskin for valuable comments.
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Web page: http://www.sfb504.uni-mannheim.de
Other versions of this item:
- Jehiel, Phillipe & Moldovanu, Benny, 1999. "Efficient Design with Interdependent Valuations," Sonderforschungsbereich 504 Publications 99-74, Sonderforschungsbereich 504, Universität Mannheim & Sonderforschungsbereich 504, University of Mannheim.
- Philippe Jehiel & Benny Moldovanu, 1998. "Efficient Design with Interdependent Valuations," Discussion Papers 1244, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- NEP-ALL-1998-09-28 (All new papers)
- NEP-CDM-1998-09-28 (Collective Decision-Making)
- NEP-GTH-1998-09-28 (Game Theory)
- NEP-MIC-1998-09-28 (Microeconomics)
- NEP-PUB-1998-09-28 (Public Finance)
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- Gresik, Thomas A., 1991. "Ex ante incentive efficient trading mechanisms without the private valuation restriction," Journal of Economic Theory, Elsevier, vol. 55(1), pages 41-63, October.
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