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Stochastically stable implementation

Author

Listed:
  • Cabrales, Antonio
  • Serrano, Roberto

Abstract

Restricting attention to economic environments, we study implementation under perturbed better-response dynamics (BRD). A social choice function (SCF) is implementable in stochastically stable strategies of perturbed BRD whenever the only outcome supported by the stochastically stable strategies of the perturbed process is the outcome prescribed by the SCF. For uniform mistakes, we show that any ε-secure and strongly efficient SCF is implementable when there are at least five agents. Extensions to incomplete information environments are also obtained

Suggested Citation

  • Cabrales, Antonio & Serrano, Roberto, 2011. "Stochastically stable implementation," UC3M Working papers. Economics we1105, Universidad Carlos III de Madrid. Departamento de Economía.
    • Handle: RePEc:cte:werepe:we1105
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    Cited by:

    1. Ortner, Juan, 2015. "Direct implementation with minimally honest individuals," Games and Economic Behavior, Elsevier, vol. 90(C), pages 1-16.
    2. Cabrales, Antonio & Serrano, Roberto, 2011. "Implementation in adaptive better-response dynamics: Towards a general theory of bounded rationality in mechanisms," Games and Economic Behavior, Elsevier, vol. 73(2), pages 360-374.
    3. Alexander L. Brown & Rodrigo A. Velez, 2019. "Empirical bias and efficiency of alpha-auctions: experimental evidence," Papers 1905.03876, arXiv.org, revised Jul 2020.
    4. Saran, Rene, 2016. "Bounded depths of rationality and implementation with complete information," Journal of Economic Theory, Elsevier, vol. 165(C), pages 517-564.

    More about this item

    Keywords

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    JEL classification:

    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • D70 - Microeconomics - - Analysis of Collective Decision-Making - - - General
    • D78 - Microeconomics - - Analysis of Collective Decision-Making - - - Positive Analysis of Policy Formulation and Implementation

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