Obvious Ex Post Equilibrium
American Economic Review, 2017, vol. 107, issue 5, 230-34
I propose a new solution concept, obvious ex post (OXP) equilibrium. This is a formal standard of cognitive simplicity for mechanisms, in settings with interdependent values. Under some standard assumptions, the ascending auction has an efficient OXP equilibrium. I discuss a decision theoretic foundation for OXP mechanisms.
JEL-codes: C70 D44 D82 (search for similar items in EconPapers)
Note: DOI: 10.1257/aer.p20171029
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