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On Detail-Free Mechanism Design and Rationality

  • Hitoshi Matsushima

    (Faculty of Economics, University of Tokyo)

The study of mechanism design is sometimes criticized, because the designed mechanisms depend on the fine detail of the model specification, and agents' behavior relies on the strong common knowledge assumptions on their rationality and others. Hence, the study of 'detail-free' mechanism design with weak informational assumptions is the most important to make as the first step towards a practically useful theory. This paper will emphasize that even if we confine our attentions to detail-free mechanisms with week rationality, there still exist a plenty of scope for development of new ideas on how to design a mechanism to play the powerful role. We briefly explain my recent works on this line, and argue that the use of stochastic decision works much in large exchange economics, and agents' moral preferences can drastically improve implementability of social choice functions.

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File URL: http://www.cirje.e.u-tokyo.ac.jp/research/dp/2004/2004cf287.pdf
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Paper provided by CIRJE, Faculty of Economics, University of Tokyo in its series CIRJE F-Series with number CIRJE-F-287.

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Length: 22 pages
Date of creation: Jun 2004
Date of revision:
Handle: RePEc:tky:fseres:2004cf287
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  1. Wilson, Robert B, 1985. "Incentive Efficiency of Double Auctions," Econometrica, Econometric Society, vol. 53(5), pages 1101-15, September.
  2. Matsushima, Hitoshi, 1988. "A new approach to the implementation problem," Journal of Economic Theory, Elsevier, vol. 45(1), pages 128-144, June.
  3. Matsushima, Hitoshi, 1991. "Incentive compatible mechanisms with full transferability," Journal of Economic Theory, Elsevier, vol. 54(1), pages 198-203, June.
  4. Martin J Osborne & Ariel Rubinstein, 2009. "A Course in Game Theory," Levine's Bibliography 814577000000000225, UCLA Department of Economics.
  5. Abreu Dilip & Matsushima Hitoshi, 1994. "Exact Implementation," Journal of Economic Theory, Elsevier, vol. 64(1), pages 1-19, October.
  6. Hitoshi Matsushima, 2004. "Large Auction Design in Dominance," CARF F-Series CARF-F-007, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo.
  7. Hitoshi Matsushima, 2003. "Universal Mechanisms and Moral Preferences in Implementation," CIRJE F-Series CIRJE-F-254, CIRJE, Faculty of Economics, University of Tokyo.
  8. Lucas, Robert Jr., 1972. "Expectations and the neutrality of money," Journal of Economic Theory, Elsevier, vol. 4(2), pages 103-124, April.
  9. Matsushima, Hitoshi, 1990. "Dominant strategy mechanisms with mutually payoff-relevant private information and with public information," Economics Letters, Elsevier, vol. 34(2), pages 109-112, October.
  10. Gibbard, Allan, 1977. "Manipulation of Schemes That Mix Voting with Chance," Econometrica, Econometric Society, vol. 45(3), pages 665-81, April.
  11. Benoit, Jean-Pierre, 2002. "Strategic Manipulation in Voting Games When Lotteries and Ties Are Permitted," Journal of Economic Theory, Elsevier, vol. 102(2), pages 421-436, February.
  12. Jean Tirole, 1999. "Incomplete Contracts: Where Do We Stand?," Econometrica, Econometric Society, vol. 67(4), pages 741-782, July.
  13. Jeffrey C. Ely & Kim-Sau Chung, 2004. "Foundations of Dominant Strategy Mechanisms," Econometric Society 2004 North American Summer Meetings 169, Econometric Society.
  14. Matsushima Hitoshi, 1993. "Bayesian Monotonicity with Side Payments," Journal of Economic Theory, Elsevier, vol. 59(1), pages 107-121, February.
  15. Eric Maskin, 1998. "Nash Equilibrium and Welfare Optimality," Harvard Institute of Economic Research Working Papers 1829, Harvard - Institute of Economic Research.
  16. Rustichini, Aldo & Satterthwaite, Mark A & Williams, Steven R, 1994. "Convergence to Efficiency in a Simple Market with Incomplete Information," Econometrica, Econometric Society, vol. 62(5), pages 1041-63, September.
  17. Mas-Colell, Andreu & Whinston, Michael D. & Green, Jerry R., 1995. "Microeconomic Theory," OUP Catalogue, Oxford University Press, number 9780195102680, March.
  18. Abreu, Dilip & Matsushima, Hitoshi, 1992. "Virtual Implementation in Iteratively Undominated Strategies: Complete Information," Econometrica, Econometric Society, vol. 60(5), pages 993-1008, September.
  19. Matsushima, Hitoshi, 1991. "Coalitionally dominant strategy mechanisms with limited public information," Economics Letters, Elsevier, vol. 37(4), pages 371-375, December.
  20. McAfee, R. Preston., 1990. "A Dominant Strategy Double Auction," Working Papers 734, California Institute of Technology, Division of the Humanities and Social Sciences.
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