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Balanced Bayesian Mechanisms

  • d'Aspremont, Claude
  • Crémer, Jacques
  • Gérard-Varet, Louis-André

We present a new condition on beliefs that guarantee the Bayesian implementability of all efficient social decision rules. We show that this condition is easy to verify and is both more interpretable and more general than the conditions that are found in the literature. We also study conditions guaranteeing the Bayesian implementability of all social decision rules with balanced budget mechanisms.

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Paper provided by Institut d'Économie Industrielle (IDEI), Toulouse in its series IDEI Working Papers with number 196.

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Date of creation: 2003
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Publication status: Published in Journal of Economic Theory, 2003.
Handle: RePEc:ide:wpaper:614
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  1. Drew Fudenberg & David K. Levine & Eric Maskin, 1996. "Balanced-Budget Mechanisms with Incomplete Information," Levine's Working Paper Archive 59, David K. Levine.
  2. d'ASPREMONT , C. & GERARD VARET, L.-A., . "Bayesian incentive compatible beliefs," CORE Discussion Papers RP -481, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  3. Drew Fudenberg & David K. Levine & Eric Maskin, 1994. "The Folk Theorem with Imperfect Public Information," Levine's Working Paper Archive 394, David K. Levine.
  4. d'Aspremont, Claude & Gerard-Varet, Louis-Andre, 1979. "Incentives and incomplete information," Journal of Public Economics, Elsevier, vol. 11(1), pages 25-45, February.
  5. Joanne Roberts, 1999. "Implementing the Efficient Allocation of Pollution," Working Papers jorob-99-01, University of Toronto, Department of Economics.
  6. Cremer, Jacques & McLean, Richard P, 1985. "Optimal Selling Strategies under Uncertainty for a Discriminating Monopolist When Demands Are Interdependent," Econometrica, Econometric Society, vol. 53(2), pages 345-61, March.
  7. Groves, Theodore, 1973. "Incentives in Teams," Econometrica, Econometric Society, vol. 41(4), pages 617-31, July.
  8. Forges, Françoise & Mertens, Jean-François & Vohra, Rajiv, 2002. "The ex ante incentive compatible core in the absence of wealth effects," Economics Papers from University Paris Dauphine 123456789/5454, Paris Dauphine University.
  9. d'Aspremont, Claude & Bhattacharya, Sudipto & Gerard-Varet, Louis-Andre, 1998. "Knowledge as a public good: efficient sharing and incentives for development effort," Journal of Mathematical Economics, Elsevier, vol. 30(4), pages 389-404, November.
  10. Bhattacharya, Sudipto & Glazer, Jacob & Sappington, David E. M., 1992. "Licensing and the sharing of knowledge in research joint ventures," Journal of Economic Theory, Elsevier, vol. 56(1), pages 43-69, February.
  11. d’ASPREMONT, Claude & CREMER, Jacques & GERARD-VARET, Louis-André, 1998. "Unique implementation in auctions and in public goods problems," CORE Discussion Papers 1998010, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  12. Chung, Kim-Sau, 1999. "A Note on Matsushima's Regularity Condition," Journal of Economic Theory, Elsevier, vol. 87(2), pages 429-433, August.
  13. Zellner, Arnold, 1985. "Bayesian Econometrics," Econometrica, Econometric Society, vol. 53(2), pages 253-69, March.
  14. Palfrey, Thomas R., 2002. "Implementation theory," Handbook of Game Theory with Economic Applications, in: R.J. Aumann & S. Hart (ed.), Handbook of Game Theory with Economic Applications, edition 1, volume 3, chapter 61, pages 2271-2326 Elsevier.
  15. Cremer, Jacques, & Riordan, Michael H, 1985. "A Sequential Solution to the Public Goods Problem," Econometrica, Econometric Society, vol. 53(1), pages 77-84, January.
  16. William Vickrey, 1961. "Counterspeculation, Auctions, And Competitive Sealed Tenders," Journal of Finance, American Finance Association, vol. 16(1), pages 8-37, 03.
  17. d'ASPREMONT, Claude & CREMER, Jacques & GERARD-VARET, Louis-André, . "Incentives and the existence of Pareto-optimal revelation mechanisms," CORE Discussion Papers RP -902, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  18. d ASPREMONT, Claude & CRÉMER, Jacques & GÉRARD-VARET, Louis-André, 2003. "Correlation, independence, and Bayesian incentives," CORE Discussion Papers 2003045, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  19. Aoyagi, Masaki, 1998. "Correlated Types and Bayesian Incentive Compatible Mechanisms with Budget Balance," Journal of Economic Theory, Elsevier, vol. 79(1), pages 142-151, March.
  20. Matsushima, Hitoshi, 1991. "Incentive compatible mechanisms with full transferability," Journal of Economic Theory, Elsevier, vol. 54(1), pages 198-203, June.
  21. Riordan, Michael H, 1984. "Uncertainty, Asymmetric Information and Bilateral Contracts," Review of Economic Studies, Wiley Blackwell, vol. 51(1), pages 83-93, January.
  22. Walker, Mark, 1980. "On the Nonexistence of a Dominant Strategy Mechanism for Making Optimal Public Decisions," Econometrica, Econometric Society, vol. 48(6), pages 1521-40, September.
  23. Cremer, Jacques & McLean, Richard P, 1988. "Full Extraction of the Surplus in Bayesian and Dominant Strategy Auctions," Econometrica, Econometric Society, vol. 56(6), pages 1247-57, November.
  24. Johnson, Scott & Pratt, John W & Zeckhauser, Richard J, 1990. "Efficiency Despite Mutually Payoff-Relevant Private Information: The Finite Case," Econometrica, Econometric Society, vol. 58(4), pages 873-900, July.
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