Efficient Design with Interdependent Valuations

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Efficient Design with Interdependent Valuations

Author Info

Jehiel, Phillipe () (ENPC, CERAS, Paris and UCL, London)
Moldovanu, Benny () (Department of Economics, University of Mannheim, Germany)

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Abstract

We 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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Publisher Info
Paper provided by Sonderforschungsbereich 504, Universität Mannheim & Sonderforschungsbereich 504, University of Mannheim in its series Sonderforschungsbereich 504 Publications with number 98-22.

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Length: 30 pages
Date of creation: 01 Jan 1998
Date of revision:
Handle: RePEc:xrs:sfbmaa:98-22

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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Article
- Jehiel, Philippe & Moldovanu, Benny, 2001. "Efficient Design with Interdependent Valuations," Econometrica, Econometric Society, vol. 69(5), pages 1237-59, September.
Paper
- Jehiel, Phillipe & Moldovanu, Benny, 1999. "Efficient Design with Interdependent Valuations," Sonderforschungsbereich 504 Publications 99-74, Sonderforschungsbereich 504, Universität Mannheim & Sonderforschungsbereich 504, University of Mannheim. [Downloadable!]
- Philippe Jehiel & Benny Moldovanu, 1998. "Efficient Design with Interdependent Valuations," Discussion Papers 1244, Northwestern University, Center for Mathematical Studies in Economics and Management Science. [Downloadable!]

This paper has been announced in the following NEP Reports:

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)

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

Olivier Compte & Philippe Jehiel, 2002. "On the Value of Competition in Procurement Auctions," Econometrica, Econometric Society, vol. 70(1), pages 343-355, January. [Downloadable!] (restricted)
Other versions:
- Compte, Olivier, 2000. "On the Value of Competition in Procurement Auctions," Econometric Society World Congress 2000 Contributed Papers 0829, Econometric Society. [Downloadable!]
Jehiel, Philippe, and Benny Moldovanu, 1994. "Strategic Non-Participation," Discussion Paper Serie B 287, University of Bonn, Germany.
Other versions:
- Philippe Jehiel & Benny Moldovanu, 1996. "Strategic Nonparticipation," RAND Journal of Economics, The RAND Corporation, vol. 27(1), pages 84-98, Spring. [Downloadable!] (restricted)
Cremer, Jacques & McLean, Richard P, 1988. "Full Extraction of the Surplus in Bayesian and Dominant Strategy Auctions," Econometrica, Econometric Society, vol. 56(6), pages 1247-57, November. [Downloadable!] (restricted)
McAfee, R Preston & Reny, Philip J, 1992. "Correlated Information and Mechanism Design," Econometrica, Econometric Society, vol. 60(2), pages 395-421, March. [Downloadable!] (restricted)
Zvika Neeman, 1998. "The Relevance of Private Information in Mechanism Design," Papers 0093, Boston University - Industry Studies Programme.
Other versions:
- Neeman, Z., 1998. "The Relevance of Private Infromation in Mechanism Design," Papers 93, Boston University - Department of Economics.
- Neeman, Zvika, 2004. "The relevance of private information in mechanism design," Journal of Economic Theory, Elsevier, vol. 117(1), pages 55-77, July. [Downloadable!] (restricted)
Jehiel, Philippe & Moldovanu, Benny & Stacchetti, Ennio, 1996. "How (Not) to Sell Nuclear Weapons," American Economic Review, American Economic Association, vol. 86(4), pages 814-29, September. [Downloadable!] (restricted)
Other versions:
- ehiel, Philippe, Benny Moldovanu, and Ennio Stacchetti, 1994. "How (not) to sell nuclear weapons," Discussion Paper Serie B 288, University of Bonn, Germany.
Jehiel, Philippe & Moldovanu, Benny & Stacchetti, Ennio, 1999. "Multidimensional Mechanism Design for Auctions with Externalities," Journal of Economic Theory, Elsevier, vol. 85(2), pages 258-293, April. [Downloadable!] (restricted)
Other versions:
- Jehiel, Phillipe & Moldovanu, Benny & Stacchetti, E., 1997. "Multidimensional Mechanism Design for Auctions with Externalities," Sonderforschungsbereich 504 Publications 97-04, Sonderforschungsbereich 504, Universität Mannheim & Sonderforschungsbereich 504, University of Mannheim.

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