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Characterization of Revenue Equivalence

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  • First:Birgit Heydenreich
  • Rudolf Muller
  • Marc Uetz
  • Rakesh Vohra

Abstract

The property of an allocation rule to be implementable in dominant strategies by a unique payment scheme is called revenue equivalence. In this paper we give a characterization of revenue equivalence based on a graph theoretic interpretation of the incentive compatibility constraints. The characterization holds for any (possibly in¯nite) outcome space and many of the known results about revenue equivalence are immediate consequence

Suggested Citation

  • First:Birgit Heydenreich & Rudolf Muller & Marc Uetz & Rakesh Vohra, 2007. "Characterization of Revenue Equivalence," Discussion Papers 1448, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  • Handle: RePEc:nwu:cmsems:1448
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    References listed on IDEAS

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    1. Paul Milgrom & Ilya Segal, 2002. "Envelope Theorems for Arbitrary Choice Sets," Econometrica, Econometric Society, vol. 70(2), pages 583-601, March.
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    3. Muller, Rudolf & Perea, Andres & Wolf, Sascha, 2007. "Weak monotonicity and Bayes-Nash incentive compatibility," Games and Economic Behavior, Elsevier, pages 344-358.
    4. Klemperer, Paul, 1999. " Auction Theory: A Guide to the Literature," Journal of Economic Surveys, Wiley Blackwell, vol. 13(3), pages 227-286, July.
    5. Jehiel, Philippe & Moldovanu, Benny, 2001. "Efficient Design with Interdependent Valuations," Econometrica, Econometric Society, pages 1237-1259.
    6. Green, Jerry & Laffont, Jean-Jacques, 1977. "Characterization of Satisfactory Mechanisms for the Revelation of Preferences for Public Goods," Econometrica, Econometric Society, vol. 45(2), pages 427-438, March.
    7. Sushil Bikhchandani & Shurojit Chatterji & Ron Lavi & Ahuva Mu'alem & Noam Nisan & Arunava Sen, 2006. "Weak Monotonicity Characterizes Deterministic Dominant-Strategy Implementation," Econometrica, Econometric Society, vol. 74(4), pages 1109-1132, July.
    8. Krishna, Vijay, 2009. "Auction Theory," Elsevier Monographs, Elsevier, edition 2, number 9780123745071.
    9. Jeroen Suijs, 1996. "On incentive compatibility and budget balancedness in public decision making," Review of Economic Design, Springer;Society for Economic Design, pages 193-209.
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    12. Klemperer, Paul, 1999. " Auction Theory: A Guide to the Literature," Journal of Economic Surveys, Wiley Blackwell, vol. 13(3), pages 227-86, July.
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    JEL classification:

    • D44 - Microeconomics - - Market Structure, Pricing, and Design - - - Auctions

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