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Detail-free mechanism design in twice iterative dominance: Large economies

  • Matsushima, Hitoshi

This paper investigates unique implementation in large economies with incomplete information and interdependent values; we degenerate the common knowledge assumptions and assume that a central planner is unaware of the specifications of an environment. With a minor restriction on the class of environments, we demonstrate that there exists a detail-free mechanism that virtually implements competitive allocations with complete information in twice iterative dominance, irrespective of how the environment is specified.

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Article provided by Elsevier in its journal Journal of Economic Theory.

Volume (Year): 141 (2008)
Issue (Month): 1 (July)
Pages: 134-151

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Handle: RePEc:eee:jetheo:v:141:y:2008:i:1:p:134-151
Contact details of provider: Web page: http://www.elsevier.com/locate/inca/622869

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  1. Paul Klemperer, 2004. "Auctions: Theory and Practice," Economics Series Working Papers 2004-W09, University of Oxford, Department of Economics.
  2. Dirk Bergemann & Stephen Morris, 2003. "Robust Mechanism Design," Cowles Foundation Discussion Papers 1421R, Cowles Foundation for Research in Economics, Yale University, revised Apr 2004.
  3. Dirk Bergemann & Stephen Morris, 2005. "Robust Implementation: The Role of Large Type Spaces," Levine's Bibliography 784828000000000116, UCLA Department of Economics.
  4. Maskin, Eric & Sjostrom, Tomas, 2002. "Implementation theory," Handbook of Social Choice and Welfare, in: K. J. Arrow & A. K. Sen & K. Suzumura (ed.), Handbook of Social Choice and Welfare, edition 1, volume 1, chapter 5, pages 237-288 Elsevier.
  5. Mas-Colell, Andreu & Whinston, Michael D. & Green, Jerry R., 1995. "Microeconomic Theory," OUP Catalogue, Oxford University Press, number 9780195102680, March.
  6. Abreu, Dilip & Matsushima, Hitoshi, 1992. "Virtual Implementation in Iteratively Undominated Strategies: Complete Information," Econometrica, Econometric Society, vol. 60(5), pages 993-1008, September.
  7. Fudenberg, Drew & Mobius, Markus & Szeidl, Adam, 2007. "Existence of Equilibrium in Large Double Auctions," Scholarly Articles 3043420, Harvard University Department of Economics.
  8. Hitoshi Matsushima, 2007. "Role of Honesty in Full Implementation," CIRJE F-Series CIRJE-F-518, CIRJE, Faculty of Economics, University of Tokyo.
  9. Paul Klemperer, 2004. "Introduction to Auctions: Theory and Practice
    [Auctions: Theory and Practice]
    ," Introductory Chapters, Princeton University Press.
  10. Philip J Reny & Motty Perry, 2006. "Toward a Strategic Foundation for Rational Expectations Equilibrium," Econometrica, Econometric Society, vol. 74(5), pages 1231-1269, 09.
  11. Hitoshi Matsushima, 2002. "Mechanism Design with Side Payments: Individual Rationality and Iterative Dominance," CIRJE F-Series CIRJE-F-185, CIRJE, Faculty of Economics, University of Tokyo.
  12. repec:cup:cbooks:9780521551847 is not listed on IDEAS
  13. Abreu Dilip & Matsushima Hitoshi, 1994. "Exact Implementation," Journal of Economic Theory, Elsevier, vol. 64(1), pages 1-19, October.
  14. Matsushima Hitoshi, 1993. "Bayesian Monotonicity with Side Payments," Journal of Economic Theory, Elsevier, vol. 59(1), pages 107-121, February.
  15. repec:cup:cbooks:9780521536721 is not listed on IDEAS
  16. Palfrey, Thomas R. & Srivastava, Sanjay, 1986. "Private information in large economies," Journal of Economic Theory, Elsevier, vol. 39(1), pages 34-58, June.
  17. Jackson, Matthew O, 1991. "Bayesian Implementation," Econometrica, Econometric Society, vol. 59(2), pages 461-77, March.
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