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Detail-Free Mechanism Design in Twice Iterative Dominance: Large Economies

  • Hitoshi Matsushima

    (Faculty of Economics, University of Tokyo)

This paper investigates unique implementation in large economies with incomplete information and interdependent values; we degenerate the common knowledge assumptions and assume that a central planner is unaware of the specifications of an environment. With a minor restriction on the class of environments, we demonstrate that there exists a detail-free mechanism that virtually implements competitive allocations with complete information in twice iterative dominance, irrespective of how the environment is specified.

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File URL: http://www.cirje.e.u-tokyo.ac.jp/research/dp/2007/2007cf519.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-519.

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Length: 37 pages
Date of creation: Sep 2007
Date of revision:
Handle: RePEc:tky:fseres:2007cf519
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  1. Fudenberg, Drew & Mobius, Markus & Szeidl, Adam, 2007. "Existence of Equilibrium in Large Double Auctions," Scholarly Articles 3043420, Harvard University Department of Economics.
  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.
  3. Hitoshi Matsushima, 2005. "Mechanism Design with Side Payments: Individual Rationality and Iterative Dominance," CIRJE F-Series CIRJE-F-376, CIRJE, Faculty of Economics, University of Tokyo.
  4. Dirk Bergemann & Stephen Morris, 2005. "Robust Mechanism Design," NajEcon Working Paper Reviews 666156000000000593, www.najecon.org.
  5. Paul Klemperer, 2004. "Auctions: Theory and Practice," Online economics textbooks, SUNY-Oswego, Department of Economics, number auction1.
  6. Abreu, Dilip & Matsushima, Hitoshi, 1992. "Virtual Implementation in Iteratively Undominated Strategies: Complete Information," Econometrica, Econometric Society, vol. 60(5), pages 993-1008, September.
  7. Mas-Colell, Andreu & Whinston, Michael D. & Green, Jerry R., 1995. "Microeconomic Theory," OUP Catalogue, Oxford University Press, number 9780195102680, June.
  8. Milgrom,Paul, 2004. "Putting Auction Theory to Work," Cambridge Books, Cambridge University Press, number 9780521551847, November.
  9. Paul Klemperer, 2004. "Introduction to Auctions: Theory and Practice
    [Auctions: Theory and Practice]
    ," Introductory Chapters, Princeton University Press.
  10. Matsushima Hitoshi, 1993. "Bayesian Monotonicity with Side Payments," Journal of Economic Theory, Elsevier, vol. 59(1), pages 107-121, February.
  11. Hitoshi Matsushima, 2007. "Role of Honesty in Full Implementation," CIRJE F-Series CIRJE-F-518, CIRJE, Faculty of Economics, University of Tokyo.
  12. Abreu Dilip & Matsushima Hitoshi, 1994. "Exact Implementation," Journal of Economic Theory, Elsevier, vol. 64(1), pages 1-19, October.
  13. Dirk Bergemann & Stephen Morris, 2005. "Robust Implementation: The Role of Large Type Spaces," Cowles Foundation Discussion Papers 1519, Cowles Foundation for Research in Economics, Yale University.
  14. Palfrey, Thomas R. & Srivastava, Sanjay, 1986. "Private information in large economies," Journal of Economic Theory, Elsevier, vol. 39(1), pages 34-58, June.
  15. Jackson, Matthew O, 1991. "Bayesian Implementation," Econometrica, Econometric Society, vol. 59(2), pages 461-77, March.
  16. Philip J Reny & Motty Perry, 2006. "Toward a Strategic Foundation for Rational Expectations Equilibrium," Econometrica, Econometric Society, vol. 74(5), pages 1231-1269, 09.
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