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A Characterization of Natural and Double Implementation in Production Economics

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  • Naoki Yoshihara

Abstract

We define two types of natural mechanisms, quantity and price-quantity types, in convex production economies, and characterize the class of Pareto subsolutions doubly implementable in Nash and strong Nash equilibria by these mechanisms respectively. First, we show that there is a class of Pareto subsolutions doubly implementable by natural quantity mechanisms, as long as prodution sets have smooth boundaries. We characterize the class of Pareto subsolution doubly implementable natural price-quantity mechanisms without assuming differentiability of utility functions. Third, we show that the Walrasian solution is the unique Pareto and fully individually rational solution naturally and doubly implementable in private ownership economies.

Suggested Citation

  • Naoki Yoshihara, 2000. "A Characterization of Natural and Double Implementation in Production Economics," Discussion Paper Series a387, Institute of Economic Research, Hitotsubashi University.
  • Handle: RePEc:hit:hituec:a387
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    References listed on IDEAS

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    1. Paolera, Gerardo Della & Taylor, Alan M., 1999. "Economic Recovery from the Argentine Great Depression: Institutions, Expectations, and the Change of Macroeconomic Regime," The Journal of Economic History, Cambridge University Press, vol. 59(03), pages 567-599, September.
    2. Mattesini, Fabrizio & Quintieri, Beniamino, 1997. "Italy and the Great Depression: An Analysis of the Italian Economy, 1929-1936," Explorations in Economic History, Elsevier, vol. 34(3), pages 265-294, July.
    3. Peter Temin, 1991. "Lessons from the Great Depression," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262700441, January.
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    Cited by:

    1. Matthew O. Jackson, 2001. "A crash course in implementation theory," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 18(4), pages 655-708.
    2. Maskin, Eric & Sjostrom, Tomas, 2002. "Implementation theory," Handbook of Social Choice and Welfare,in: K. J. Arrow & A. K. Sen & K. Suzumura (ed.), Handbook of Social Choice and Welfare, edition 1, volume 1, chapter 5, pages 237-288 Elsevier.

    More about this item

    Keywords

    Double Implementation; Natural Mechanisms; Supporting Price Independence; the Walrasian Solution;

    JEL classification:

    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies
    • D78 - Microeconomics - - Analysis of Collective Decision-Making - - - Positive Analysis of Policy Formulation and Implementation

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