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Balanced Bayesian mechanisms

  • d'Aspremont, Claude
  • Cremer, Jacques
  • Gerard-Varet, Louis-Andre

We present a new condition on beliefs that guarantee the Bayesian implementability of all efficient social decision rules. We show that this condition is easy to verify and is both more interpretable and more general than the conditions that are found in the literature. We also study conditions guaranteeing the Bayesian implementability of all social decision rules with balanced budget mechanisms.

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File URL: http://www.sciencedirect.com/science/article/B6WJ3-49RCDWB-1/2/5564cdf55764d454291cbf824f790c63
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Article provided by Elsevier in its journal Journal of Economic Theory.

Volume (Year): 115 (2004)
Issue (Month): 2 (April)
Pages: 385-396

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Handle: RePEc:eee:jetheo:v:115:y:2004:i:2:p:385-396
Contact details of provider: Web page: http://www.elsevier.com/locate/inca/622869

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  10. Matsushima, Hitoshi, 1991. "Incentive compatible mechanisms with full transferability," Journal of Economic Theory, Elsevier, vol. 54(1), pages 198-203, June.
  11. 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.
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  14. d ASPREMONT, Claude & CRÉMER, Jacques & GÉRARD-VARET, Louis-André, 2003. "Correlation, independence, and Bayesian incentives," CORE Discussion Papers 2003045, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  15. Riordan, Michael H, 1984. "Uncertainty, Asymmetric Information and Bilateral Contracts," Review of Economic Studies, Wiley Blackwell, vol. 51(1), pages 83-93, January.
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  17. Drew Fudenberg & David K. Levine & Eric Maskin, 1996. "Balanced-Budget Mechanisms with Incomplete Information," Levine's Working Paper Archive 59, David K. Levine.
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