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Implementation with renegotiation when preferences and feasible sets are state dependent

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  • Luis Corchón

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  • Matteo Triossi

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Abstract

In this paper, we present a model of implementation where infeasible allocations are converted into feasible ones through a process of renegotiation that is represented by a reversion function. We describe the maximal set of Social Choice Correspondences that can be implemented in Nash Equilibrium in a class of reversion functions that punish agents for infeasibilities. This is used to study the implementation of the Walrasian Correspondence and several axiomatic solutions to problems of bargaining and taxation.
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Suggested Citation

  • Luis Corchón & Matteo Triossi, 2011. "Implementation with renegotiation when preferences and feasible sets are state dependent," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 36(2), pages 179-198, February.
  • Handle: RePEc:spr:sochwe:v:36:y:2011:i:2:p:179-198
    DOI: 10.1007/s00355-010-0470-9
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    References listed on IDEAS

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    1. Murat Atlamaz & Bettina Klaus, 2007. "Manipulation via Endowments in Exchange Markets with Indivisible Goods," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 28(1), pages 1-18, January.
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    5. Eric Maskin & John Moore, 1999. "Implementation and Renegotiation," Review of Economic Studies, Oxford University Press, vol. 66(1), pages 39-56.
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    11. Roberto Serrano & Rajiv Vohra, 1997. "Non-cooperative implementation of the core," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 14(4), pages 513-525.
    12. Jean-Michel Grandmont & Guy Laroque, 1976. "On Temporary Keynesian Equilibria," Review of Economic Studies, Oxford University Press, vol. 43(1), pages 53-67.
    13. Hong, Lu, 1995. "Nash Implementation in Production Economies," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 5(3), pages 401-417, May.
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    15. Moore, John & Repullo, Rafael, 1990. "Nash Implementation: A Full Characterization," Econometrica, Econometric Society, vol. 58(5), pages 1083-1099, September.
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