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Multibidding game under uncertainty

  • Róbert Veszteg

    ()

This paper considers situations in which a set of agents has to decide whether to carry out a given public project or its alternative when agents hold private information. I propose the use of the individually-rational and budget-balanced multibidding mechanism according to which the game to be played by participants has only one stage and simple rules as defined by Pérez-Castrillo and Wettstein (2002) under complete information. It can be applied in a wide range of situations, and its symmetric Bayes-Nash equilibria deliver ex post efficient outcomes if the number of players is two - for any underlying symmetric distribution characterizing uncertainty - or very large.

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File URL: http://hdl.handle.net/10.1007/s10058-009-0096-5
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Article provided by Springer in its journal Review of Economic Design.

Volume (Year): 14 (2010)
Issue (Month): 3 (September)
Pages: 311-329

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Handle: RePEc:spr:reecde:v:14:y:2010:i:3:p:311-329
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  1. ehiel, Philippe & Benny Moldovanu & Ennio Stacchetti, 1994. "How (not) to sell nuclear weapons," Discussion Paper Serie B 288, University of Bonn, Germany.
  2. Kunreuther, Howard & Kleindorfer, Paul R, 1986. "A Sealed-Bid Auction Mechanism for Siting Noxious Facilities," American Economic Review, American Economic Association, vol. 76(2), pages 295-99, May.
  3. Myerson, Roger B. & Satterthwaite, Mark A., 1983. "Efficient mechanisms for bilateral trading," Journal of Economic Theory, Elsevier, vol. 29(2), pages 265-281, April.
  4. David P�rez-Castrillo & David Wettstein, 2002. "Choosing Wisely: A Multibidding Approach," American Economic Review, American Economic Association, vol. 92(5), pages 1577-1587, December.
  5. Ingberman Daniel E., 1995. "Siting Noxious Facilities: Are Markets Efficient?," Journal of Environmental Economics and Management, Elsevier, vol. 29(3), pages S20-S33, November.
  6. Rob, Rafael, 1989. "Pollution claim settlements under private information," Journal of Economic Theory, Elsevier, vol. 47(2), pages 307-333, April.
  7. David Pérez-Castrillo & Róbert F. Veszteg, 2005. "Experimental Evidence on the Multibidding Mechanism," Working Papers 155, Barcelona Graduate School of Economics.
  8. Jackson, Matthew O, 1991. "Bayesian Implementation," Econometrica, Econometric Society, vol. 59(2), pages 461-77, March.
  9. Preston McAfee, R., 1992. "Amicable divorce: Dissolving a partnership with simple mechanisms," Journal of Economic Theory, Elsevier, vol. 56(2), pages 266-293, April.
  10. O'Sullivan Arthur, 1993. "Voluntary Auctions for Noxious Facilities: Incentives to Participate and the Efficiency of Siting Decisions," Journal of Environmental Economics and Management, Elsevier, vol. 25(1), pages S12-S26, July.
  11. d'Aspremont, Claude & Gerard-Varet, Louis-Andre, 1979. "Incentives and incomplete information," Journal of Public Economics, Elsevier, vol. 11(1), pages 25-45, February.
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