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The Theory of Implementation When the Planner Is a Player

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  • Baliga, Sandeep
  • Corchon, Luis C.
  • Sjostrom, Tomas

Abstract

In this paper we study a situation were the planner cannot commit to a mechanism and the outcome function is substituted by the planner herself. We assume 1) agents have complete information and play simultaneously; and 2) given the messages announced by the agents, the planner reacts in an optimal way given her beliefs. This transforms the implementation problem into a signaling game. We derive necessary and sufficient conditions for interactive implementation under different restrictions on the planner's out-of-equilibrium beliefs. We compare our results to standard results on Nash implementation.
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  • Baliga, Sandeep & Corchon, Luis C. & Sjostrom, Tomas, 1997. "The Theory of Implementation When the Planner Is a Player," Journal of Economic Theory, Elsevier, vol. 77(1), pages 15-33, November.
    • Handle: RePEc:eee:jetheo:v:77:y:1997:i:1:p:15-33
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    1. Becker, Gary S, 1974. "A Theory of Social Interactions," Journal of Political Economy, University of Chicago Press, vol. 82(6), pages 1063-1093, Nov.-Dec..
    2. Grossman, Sanford J. & Perry, Motty, 1986. "Perfect sequential equilibrium," Journal of Economic Theory, Elsevier, vol. 39(1), pages 97-119, June.
    3. Amartya K. Sen, 1966. "Peasants and Dualism with or without Surplus Labor," Journal of Political Economy, University of Chicago Press, vol. 74, pages 425-425.
    4. Farrell Joseph, 1993. "Meaning and Credibility in Cheap-Talk Games," Games and Economic Behavior, Elsevier, vol. 5(4), pages 514-531, October.
    5. In-Koo Cho & David M. Kreps, 1987. "Signaling Games and Stable Equilibria," The Quarterly Journal of Economics, Oxford University Press, vol. 102(2), pages 179-221.
    6. Maskin, Eric & Tirole, Jean, 1992. "The Principal-Agent Relationship with an Informed Principal, II: Common Values," Econometrica, Econometric Society, vol. 60(1), pages 1-42, January.
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