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Implementation with State Dependent Feasible Sets and Preferences: A Renegotiation Approach

  • Matteo Triossi
  • Luis Corchón

In this paper we present a model of implementation based on the idea that agents renegotiate unfeasible allocations. We characterize the maximal set of Social Choice Correspondences that can be implemented in Nash Equilibrium with a class of renegotiation functions that do not reward agents for unfeasibilities. This result is used to study the possibility of implementing the Walrasian Correspondence in exchange economies and several axiomatic solutions to problems of bargaining and bankruptcy.

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Paper provided by Collegio Carlo Alberto in its series Carlo Alberto Notebooks with number 24.

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Length: 33 pages
Date of creation: 2006
Date of revision:
Handle: RePEc:cca:wpaper:24
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  1. Roberto Serrano & Rajiv Vohra, 1997. "Non-cooperative implementation of the core," Social Choice and Welfare, Springer, vol. 14(4), pages 513-525.
  2. Nir Dagan & Oscar Volij & Roberto Serrano, 1999. "Feasible implementation of taxation methods," Review of Economic Design, Springer, vol. 4(1), pages 57-72.
  3. Amoros, Pablo, 2004. "Nash implementation and uncertain renegotiation," Games and Economic Behavior, Elsevier, vol. 49(2), pages 424-434, November.
  4. Nir Dagan & Roberto Serrano, 1997. "Invariance and randomness in the Nash program for coalitional games," Economics Working Papers 217, Department of Economics and Business, Universitat Pompeu Fabra.
  5. Jackson, Matthew O. & Palfrey, Thomas R., 2001. "Voluntary Implementation," Journal of Economic Theory, Elsevier, vol. 98(1), pages 1-25, May.
  6. Tian Guoqiang & Li Qi, 1995. "On Nash-Implementation in the Presence of Withholding," Games and Economic Behavior, Elsevier, vol. 9(2), pages 222-233, May.
  7. Eric Maskin, 1998. "Nash Equilibrium and Welfare Optimality," Harvard Institute of Economic Research Working Papers 1829, Harvard - Institute of Economic Research.
  8. Eric Maskin & John Moore, 1998. "Implementation and Renegotiation - (Now published in Review of Economic Studies, vol.66 (1), 1999, pp.39-56.)," STICERD - Theoretical Economics Paper Series 366, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE.
  9. Eric Maskin & John Moore, 1998. "Implementation and renegotiation," LSE Research Online Documents on Economics 19350, London School of Economics and Political Science, LSE Library.
  10. Benassy, Jean-Pascal, 1986. "On Competitive Market Mechanisms," Econometrica, Econometric Society, vol. 54(1), pages 95-108, January.
  11. Hong, Lu, 1995. "Nash Implementation in Production Economies," Economic Theory, Springer, vol. 5(3), pages 401-17, May.
  12. Naeve, Jorg, 1999. "Nash implementation of the Nash bargaining solution using intuitive message spaces," Economics Letters, Elsevier, vol. 62(1), pages 23-28, January.
  13. Roberto Serrano, 1996. "A comment on the Nash program and the theory of implementation," Economics Working Papers 161, Department of Economics and Business, Universitat Pompeu Fabra.
  14. Silvestre, Joaquim, 1982. "Fixprice analysis in exchange economies," Journal of Economic Theory, Elsevier, vol. 26(1), pages 28-58, February.
  15. Satterthwaite, Mark A & Sonnenschein, Hugo, 1981. "Strategy-Proof Allocation Mechanisms at Differentiable Points," Review of Economic Studies, Wiley Blackwell, vol. 48(4), pages 587-97, October.
  16. Tian, Guoqiang, 1991. "Implementing Lindahl Allocations by a Withholding Mechanism," MPRA Paper 41255, University Library of Munich, Germany.
  17. Roberto Serrano, 2007. "Nash program," Working Papers 2007-05, Instituto Madrileño de Estudios Avanzados (IMDEA) Ciencias Sociales.
  18. Lu Hong, 1996. "Bayesian implementation in exchange economies with state dependent feasible sets and private information," Social Choice and Welfare, Springer, vol. 13(4), pages 433-444.
  19. Michele Piccione & Ariel Rubinstein, 2007. "Equilibrium in the Jungle," Economic Journal, Royal Economic Society, vol. 117(522), pages 883-896, 07.
  20. Moore, John & Repullo, Rafael, 1990. "Nash Implementation: A Full Characterization," Econometrica, Econometric Society, vol. 58(5), pages 1083-99, September.
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