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Time and Nash implementation

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  • Artemov, Georgy

Abstract

In this paper, we study the full implementation problem using mechanisms that allow a delay. The delay on the equilibrium path may be zero, an infinitesimally small number or a fixed positive number. In all these three cases, implementable rules are fully characterized by a monotonicity condition. We provide examples to show that some delayed implementable social choice rules are not implementable in Nash-equilibrium refinements without a delay. As an application of our approach, we characterize delayed implementable rules in environments where only the discounting changes between states.

Suggested Citation

  • Artemov, Georgy, 2015. "Time and Nash implementation," Games and Economic Behavior, Elsevier, vol. 91(C), pages 229-236.
    • Handle: RePEc:eee:gamebe:v:91:y:2015:i:c:p:229-236
    DOI: 10.1016/j.geb.2015.03.002
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    References listed on IDEAS

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    1. Matsushima, Hitoshi, 1988. "A new approach to the implementation problem," Journal of Economic Theory, Elsevier, vol. 45(1), pages 128-144, June.
    2. Eric Maskin, 1999. "Nash Equilibrium and Welfare Optimality," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 66(1), pages 23-38.
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    4. Kunimoto, Takashi & Serrano, Roberto, 2011. "A new necessary condition for implementation in iteratively undominated strategies," Journal of Economic Theory, Elsevier, vol. 146(6), pages 2583-2595.
    5. Benoît, Jean-Pierre & Ok, Efe A., 2008. "Nash implementation without no-veto power," Games and Economic Behavior, Elsevier, vol. 64(1), pages 51-67, September.
    6. repec:ebl:ecbull:v:4:y:2006:i:14:p:1-8 is not listed on IDEAS
    7. Abreu, Dilip & Sen, Arunava, 1991. "Virtual Implementation in Nash Equilibrium," Econometrica, Econometric Society, vol. 59(4), pages 997-1021, July.
    8. Palfrey, Thomas R & Srivastava, Sanjay, 1991. "Nash Implementation Using Undominated Strategies," Econometrica, Econometric Society, vol. 59(2), pages 479-501, March.
    9. Olivier Bochet, 2007. "Nash Implementation with Lottery Mechanisms," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 28(1), pages 111-125, January.
    10. George Loewenstein & Drazen Prelec, 1992. "Anomalies in Intertemporal Choice: Evidence and an Interpretation," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 107(2), pages 573-597.
    11. M. Sanver, 2006. "Nash implementing non-monotonic social choice rules by awards," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 28(2), pages 453-460, June.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Artemov, Georgy, 2020. "Integer game with delay," Economics Letters, Elsevier, vol. 188(C).
    2. Jain, Ritesh, 2021. "Rationalizable implementation of social choice correspondences," Games and Economic Behavior, Elsevier, vol. 127(C), pages 47-66.
    3. Korpela Ville, 2016. "Social Choice Theory: A Neglected Path to Possibility," Discussion Papers 110, Aboa Centre for Economics.
    4. Jianxin Yi, 2021. "Nash implementation via mechanisms that allow for abstentions," Theory and Decision, Springer, vol. 91(2), pages 279-288, September.

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    More about this item

    Keywords

    Implementation; Delay; Time; Social choice rules; Nash equilibrium;
    All these keywords.

    JEL classification:

    • D78 - Microeconomics - - Analysis of Collective Decision-Making - - - Positive Analysis of Policy Formulation and Implementation
    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • D60 - Microeconomics - - Welfare Economics - - - General
    • D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations
    • D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior

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