Efficient Design with Interdependent Valuations
We study the existence of efficient, Bayesian incentive compatible allocation procedures in a general setting with interdependent valuations. Possible applications include multi-object auctions and the provision of public goods. We emphasize the role of multidimensional signals, and, in view of applications, we allow for both informational and allocative externalties. The main result can exist only when private and social rates of information substitution are equal. This condition cannot be generically satisfied. We also discuss the one-dimensional case, and show that efficient implementation is there possible.
To our knowledge, this item is not available for
download. To find whether it is available, there are three
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
|Date of creation:||01 Jan 1998|
|Note:||Financial Support from the Deutsche Forschungsgemeinschaft, SFB 504, at the University of Mannheim, is gratefully acknowledged. We wish to thank Eric Maskin for valuable comments.|
|Contact details of provider:|| Postal: D-68131 Mannheim|
Phone: (49) (0) 621-292-2547
Fax: (49) (0) 621-292-5594
Web page: http://www.sfb504.uni-mannheim.de/
More information through EDIRC
Web page: http://www.sfb504.uni-mannheim.de
|Order Information:|| Email: |
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Jehiel, Phillipe & Moldovanu, Benny & Stacchetti, E., 1997.
"Multidimensional Mechanism Design for Auctions with Externalities,"
Sonderforschungsbereich 504 Publications
97-04, Sonderforschungsbereich 504, Universität Mannheim;Sonderforschungsbereich 504, University of Mannheim.
- Jehiel, Philippe & Moldovanu, Benny & Stacchetti, Ennio, 1999. "Multidimensional Mechanism Design for Auctions with Externalities," Journal of Economic Theory, Elsevier, vol. 85(2), pages 258-293, April.
- Moldovanu, Benny & Jehiel, Philippe & Stacchetti, Ennio, 1997. "Multidimensional Mechanism Design for Auctions with Externalities," Papers 97-04, Sonderforschungsbreich 504.
- Jehiel, Philippe & Moldovanu, Benny & Stacchetti, Ennio, 1996.
"How (Not) to Sell Nuclear Weapons,"
American Economic Review,
American Economic Association, vol. 86(4), pages 814-829, September.
- Philippe Jehiel & Benny Moldovanu, 1996.
RAND Journal of Economics,
The RAND Corporation, vol. 27(1), pages 84-98, Spring.
- Gresik, Thomas A., 1991. "Ex ante incentive efficient trading mechanisms without the private valuation restriction," Journal of Economic Theory, Elsevier, vol. 55(1), pages 41-63, October.
- 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.
- Neeman, Zvika, 2004.
"The relevance of private information in mechanism design,"
Journal of Economic Theory,
Elsevier, vol. 117(1), pages 55-77, July.
- Neeman, Z., 1998. "The Relevance of Private Infromation in Mechanism Design," Papers 93, Boston University - Department of Economics.
- Zvika Neeman, 1998. "The Relevance of Private Information in Mechanism Design," Papers 0093, Boston University - Industry Studies Programme.
- Edward Clarke, 1971. "Multipart pricing of public goods," Public Choice, Springer, vol. 11(1), pages 17-33, September.
- Mas-Colell, Andreu & Whinston, Michael D. & Green, Jerry R., 1995. "Microeconomic Theory," OUP Catalogue, Oxford University Press, number 9780195102680.
- William Vickrey, 1961. "Counterspeculation, Auctions, And Competitive Sealed Tenders," Journal of Finance, American Finance Association, vol. 16(1), pages 8-37, 03.
- McAfee, R Preston & Reny, Philip J, 1992. "Correlated Information and Mechanism Design," Econometrica, Econometric Society, vol. 60(2), pages 395-421, March.
When requesting a correction, please mention this item's handle: RePEc:xrs:sfbmaa:98-22. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Carsten Schmidt)
If references are entirely missing, you can add them using this form.