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Natural implementation with semi-responsible agents in pure exchange economies

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  • LOMBARDI, Michele
  • YOSHIHARA, Naoki

Abstract

We study Nash implementation by natural price-quantity mechanisms in pure exchange economies when agents have intrinsic preferences for responsibility. An agent has an intrinsic preference for responsibility if she cares about truth-telling that is in line with the goal of the mechanism designer besides her material well-being. A semi-responsible agent is an agent who, given what her opponents do, acts in an irresponsible manner when a responsible behavior poses obstacles to her material well-being. The class of efficient allocation rules that are Nash implementable is identified provided that there is at least one agent who is semi-responsible. The Walrasian rule is shown to belong to that class.

Suggested Citation

  • LOMBARDI, Michele & YOSHIHARA, Naoki, 2016. "Natural implementation with semi-responsible agents in pure exchange economies," Discussion paper series HIAS-E-48, Hitotsubashi Institute for Advanced Study, Hitotsubashi University.
    • Handle: RePEc:hit:hiasdp:hias-e-48
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    References listed on IDEAS

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    1. Matsushima, Hitoshi, 2008. "Role of honesty in full implementation," Journal of Economic Theory, Elsevier, vol. 139(1), pages 353-359, March.
    2. Saijo, Tatsuyoshi & Tatamitani, Yoshikatsu & Yamato, Takehiko, 1999. "Characterizing Natural Implementability: The Fair and Walrasian Correspondences," Games and Economic Behavior, Elsevier, vol. 28(2), pages 271-293, August.
    3. Lombardi, Michele & Yoshihara, Naoki, 2012. "Natural Implementation with Partially Honest Agents," Discussion Paper Series 561, Institute of Economic Research, Hitotsubashi University.
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    Cited by:

    1. Lombardi, Michele & Yoshihara, Naoki, 2011. "Partially Honest Nash Implementation: A Full Characterization," MPRA Paper 48234, University Library of Munich, Germany, revised 11 Jul 2013.
    2. Lombardi, Michele & Yoshihara, Naoki, 2016. "Treading a Fine Line : (Im)possibilities for Nash Implementation with Partially-honest Individuals," Discussion Paper Series 651, Institute of Economic Research, Hitotsubashi University.
    3. repec:eee:gamebe:v:104:y:2017:i:c:p:613-631 is not listed on IDEAS
    4. repec:eee:mateco:v:73:y:2017:i:c:p:103-110 is not listed on IDEAS

    More about this item

    Keywords

    Nash equilibrium; exchange economies; intrinsic preferences for responsibility; boundary problem; price-quantity mechanism;

    JEL classification:

    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations

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