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On Detail-Free Mechanism Design And Rationality

  • HITOSHI MATSUSHIMA

The study of mechanism design is sometimes criticized, because the designed mechanisms depend on the fine detail of the model specification, and agents' behavior relies on the strong common knowledge assumptions on their rationality and others. Hence, the study of 'detail-free' mechanism design with weak informational assumptions is the most important to make as the first step towards a practically useful theory. This paper will emphasize that even if we confine our attentions to detail-free mechanisms with week rationality, there still exist a plenty of scope for development of new ideas on how to design a mechanism to play the powerful role. We briefly explain my recent works on this line, and argue that the use of stochastic decision works much in large exchange economics, and agents' moral preferences can drastically improve implementability of social choice functions.

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Article provided by Japanese Economic Association in its journal The Japanese Economic Review.

Volume (Year): 56 (2005)
Issue (Month): 1 ()
Pages: 41-54

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Handle: RePEc:bla:jecrev:v:56:y:2005:i:1:p:41-54
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  1. Matsushima, Hitoshi, 1990. "Dominant strategy mechanisms with mutually payoff-relevant private information and with public information," Economics Letters, Elsevier, vol. 34(2), pages 109-112, October.
  2. Gibbard, Allan, 1977. "Manipulation of Schemes That Mix Voting with Chance," Econometrica, Econometric Society, vol. 45(3), pages 665-81, April.
  3. Matsushima, Hitoshi, 1991. "Coalitionally dominant strategy mechanisms with limited public information," Economics Letters, Elsevier, vol. 37(4), pages 371-375, December.
  4. McAfee, R. Preston, 1992. "A dominant strategy double auction," Journal of Economic Theory, Elsevier, vol. 56(2), pages 434-450, April.
  5. Maskin, Eric, 1999. "Nash Equilibrium and Welfare Optimality," Review of Economic Studies, Wiley Blackwell, vol. 66(1), pages 23-38, January.
  6. Matsushima Hitoshi, 1993. "Bayesian Monotonicity with Side Payments," Journal of Economic Theory, Elsevier, vol. 59(1), pages 107-121, February.
  7. Martin J. Osborne & Ariel Rubinstein, 1994. "A Course in Game Theory," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262650401, June.
  8. Matsushima, Hitoshi, 1988. "A new approach to the implementation problem," Journal of Economic Theory, Elsevier, vol. 45(1), pages 128-144, June.
  9. Benoit, Jean-Pierre, 2002. "Strategic Manipulation in Voting Games When Lotteries and Ties Are Permitted," Journal of Economic Theory, Elsevier, vol. 102(2), pages 421-436, February.
  10. Rustichini, Aldo & Satterthwaite, Mark A & Williams, Steven R, 1994. "Convergence to Efficiency in a Simple Market with Incomplete Information," Econometrica, Econometric Society, vol. 62(5), pages 1041-63, September.
  11. Jeffrey C. Ely & Kim-Sau Chung, 2004. "Foundations of Dominant Strategy Mechanisms," Econometric Society 2004 North American Summer Meetings 169, Econometric Society.
  12. Abreu, Dilip & Matsushima, Hitoshi, 1992. "Virtual Implementation in Iteratively Undominated Strategies: Complete Information," Econometrica, Econometric Society, vol. 60(5), pages 993-1008, September.
  13. Mas-Colell, Andreu & Whinston, Michael D. & Green, Jerry R., 1995. "Microeconomic Theory," OUP Catalogue, Oxford University Press, number 9780195102680, March.
  14. Lucas, Robert Jr., 1972. "Expectations and the neutrality of money," Journal of Economic Theory, Elsevier, vol. 4(2), pages 103-124, April.
  15. Hitoshi Matsushima, 2003. "Universal Mechanisms and Moral Preferences in Implementation," CIRJE F-Series CIRJE-F-254, CIRJE, Faculty of Economics, University of Tokyo.
  16. Matsushima, Hitoshi, 1991. "Incentive compatible mechanisms with full transferability," Journal of Economic Theory, Elsevier, vol. 54(1), pages 198-203, June.
  17. Hitoshi Matsushima, 2004. "Large Auction Design in Dominance," CIRJE F-Series CIRJE-F-282, CIRJE, Faculty of Economics, University of Tokyo.
  18. Abreu Dilip & Matsushima Hitoshi, 1994. "Exact Implementation," Journal of Economic Theory, Elsevier, vol. 64(1), pages 1-19, October.
  19. Jean Tirole, 1999. "Incomplete Contracts: Where Do We Stand?," Econometrica, Econometric Society, vol. 67(4), pages 741-782, July.
  20. Wilson, Robert B, 1985. "Incentive Efficiency of Double Auctions," Econometrica, Econometric Society, vol. 53(5), pages 1101-15, September.
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