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Individual Rationality Under Sequential Decentralized Participation Processes

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  • Laurent Lamy

    (Crest)

Abstract

We consider the implementation of an economic outcome undercomplete information when the principal cannot commit to a simultaneousparticipation game. From a general class of sequential decentralizedparticipation processes and without common knowledge onthe details of the process, we introduce the concept of implementationunder robust sequential individual rationality. We solve the optimaldesign program: the principal may fail to extract fully agents' surplusrelative to the harsher threats but economic efficiency is not damaged.

Suggested Citation

  • Laurent Lamy, 2007. "Individual Rationality Under Sequential Decentralized Participation Processes," Working Papers 2007-28, Center for Research in Economics and Statistics.
  • Handle: RePEc:crs:wpaper:2007-28
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