Ex post renegotiation-proof mechanism design

Zvika Neeman () and Gregory Pavlov ()

Journal of Economic Theory, 2013, vol. 148, issue 2, 473-501

Abstract: We study what kind of equilibria of which mechanisms are ex post renegotiation-proof (EPRP), i.e., robust against the possibility of ex post renegotiation under a variety of renegotiation procedures, and which social choice functions are EPRP implementable. In complete information environments with two agents only budget balanced Groves allocations are EPRP implementable, while with three or more agents – all ex post efficient allocations are. In environments with independent private values essentially only the budget balanced “Groves in expectations” allocations are EPRP implementable, while with three or more agents and correlated beliefs – all ex post efficient allocations are.

Keywords: Mechanism design; Implementation; Ex post renegotiation (search for similar items in EconPapers)
JEL-codes: D02 D70 D82 D86 (search for similar items in EconPapers)
Date: 2013
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Citations: View citations in EconPapers (14)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:jetheo:v:148:y:2013:i:2:p:473-501

DOI: 10.1016/j.jet.2012.08.003

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