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Ironing without control

  • Toikka, Juuso
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    I extend Myersonʼs [R. Myerson, Optimal auction design, Math. Oper. Res. 6 (1981) 58–73] ironing technique to more general objective functions. The approach is based on a generalized notion of virtual surplus which can be maximized pointwise even when the monotonicity constraint implied by incentive compatibility binds. It is applicable to quasilinear principal-agent models where the standard virtual surplus is weakly concave in the allocation or appropriately separable in the allocation and type. No assumptions on allocation rules are required beyond monotonicity.

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    File URL: http://www.sciencedirect.com/science/article/pii/S0022053111000871
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    Article provided by Elsevier in its journal Journal of Economic Theory.

    Volume (Year): 146 (2011)
    Issue (Month): 6 ()
    Pages: 2510-2526

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    Handle: RePEc:eee:jetheo:v:146:y:2011:i:6:p:2510-2526
    Contact details of provider: Web page: http://www.elsevier.com/locate/inca/622869

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    1. repec:cup:cbooks:9780521337465 is not listed on IDEAS
    2. Noldeke,G. & Samuelson,L., 2005. "Optimal bunching without optimal control," Working papers 13, Wisconsin Madison - Social Systems.
    3. Jullien, Bruno, 2000. "Participation Constraints in Adverse Selection Models," Journal of Economic Theory, Elsevier, vol. 93(1), pages 1-47, July.
    4. Drew Fudenberg & Jean Tirole, 1991. "Game Theory," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262061414, June.
    5. Laffont, Jean-Jacques & Tirole, Jean, 1986. "Using Cost Observation to Regulate Firms," Journal of Political Economy, University of Chicago Press, vol. 94(3), pages 614-41, June.
    6. Mussa, Michael & Rosen, Sherwin, 1978. "Monopoly and product quality," Journal of Economic Theory, Elsevier, vol. 18(2), pages 301-317, August.
    7. repec:cup:cbooks:9780521331586 is not listed on IDEAS
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