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On the Revelation Principle and Reciprocal Mechanisms in Competing Mechanism Games

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  • Peters, Michael

Abstract

This paper provides a set of mechanisms that we refer to as emph{reciprocal mechanisms. }These mechanisms have the property that every outcome that can be supported as a Bayesian equilibrium in a competing mechanism game can be supported as an equilibrium in reciprocal mechanisms. In this sense, reciprocal mechanisms play the same role as direct mechanisms do in single principal problems. The advantage of these mechanisms over alternatives like the universal set of mechanisms is that they are conceptually straightforward and no more difficult to deal with than the simple direct mechanisms used in single principal mechanism design.

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  • Peters, Michael, 2010. "On the Revelation Principle and Reciprocal Mechanisms in Competing Mechanism Games," Microeconomics.ca working papers michael_peters-2010-18, Vancouver School of Economics, revised 19 Feb 2014.
    • Handle: RePEc:ubc:pmicro:michael_peters-2010-18
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    File URL: http://montoya.econ.ubc.ca/mike/dual_mechanisms.pdf
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    References listed on IDEAS

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    1. Peters, Michael, 2001. "Common Agency and the Revelation Principle," Econometrica, Econometric Society, vol. 69(5), pages 1349-1372, September.
    2. David Martimort & Lars Stole, 2002. "The Revelation and Delegation Principles in Common Agency Games," Econometrica, Econometric Society, vol. 70(4), pages 1659-1673, July.
    3. McAfee, R Preston, 1993. "Mechanism Design by Competing Sellers," Econometrica, Econometric Society, vol. 61(6), pages 1281-1312, November.
    4. Peters, Michael & Troncoso-Valverde, Cristián, 2013. "A folk theorem for competing mechanisms," Journal of Economic Theory, Elsevier, vol. 148(3), pages 953-973.
    5. Takuro Yamashita, 2010. "Mechanism Games With Multiple Principals and Three or More Agents," Econometrica, Econometric Society, vol. 78(2), pages 791-801, March.
    6. Calzolari, Giacomo & Pavan, Alessandro, 2008. "On the use of menus in sequential common agency," Games and Economic Behavior, Elsevier, vol. 64(1), pages 329-334, September.
    7. Epstein, Larry G. & Peters, Michael, 1999. "A Revelation Principle for Competing Mechanisms," Journal of Economic Theory, Elsevier, vol. 88(1), pages 119-160, September.
    8. Ilya Segal & Michael D. Whinston, 2003. "Robust Predictions for Bilateral Contracting with Externalities," Econometrica, Econometric Society, vol. 71(3), pages 757-791, May.
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    Keywords

    competing mechanisms; revelation principle;

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