Robust virtual implementation: Toward a reinterpretation of the Wilson doctrine
Takashi Kunimoto and
Roberto Serrano ()
Journal of Economic Theory, 2013, vol. 148, issue 2, 424-447
We study a mechanism design problem where arbitrary restrictions are placed on the sets of first-order beliefs of agents. Calling these restrictions Δ, we use Δ-rationalizability (Battigalli and Siniscalchi, 2003, ) as our solution concept, and require that a mechanism virtually implement a socially desirable outcome. We obtain two necessary conditions, Δ-incentive compatibility and Δ-measurability and show that the latter is satisfied as long as a particular zero-measure set of first-order beliefs is ruled out. In environments allowing small transfers of utility among agents, these two conditions are also sufficient.
Keywords: Wilson doctrine; Mechanism design; Robust virtual implementation; Δ-rationalizability; Incentive compatibility; Measurability; Type diversity (search for similar items in EconPapers)
JEL-codes: C72 D78 D82 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:jetheo:v:148:y:2013:i:2:p:424-447
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