Ambiguous implementation: the partition model

Luciano I. Castro (), Zhiwei Liu () and Nicholas C. Yannelis ()
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Luciano I. Castro: The University of Iowa
Zhiwei Liu: Capital University of Economics and Business
Nicholas C. Yannelis: The University of Iowa

Economic Theory, 2017, vol. 63, issue 1, No 10, 233-261

Abstract: Abstract In a partition model, we show that each maximin individually rational and ex ante maximin efficient allocation of a single good economy is implementable as a maximin equilibrium. When there are more than one good, we introduce three conditions. If none of the three conditions is satisfied, then a maximin individually rational and ex ante maximin efficient allocation may not be implementable. However, as long as one of the three conditions is satisfied, each maximin individually rational and ex ante maximin efficient allocation is implementable. Our work generalizes and extends the recent paper of de Castro et al. (Games Econ Behav 2015. doi: 10.1016/j.geb.2015.10.010 ).

Keywords: Maximin preferences; Maximin efficient allocations; Maximin equilibrium; Implementation (search for similar items in EconPapers)
JEL-codes: D51 D61 D81 D82 (search for similar items in EconPapers)
Date: 2017
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Citations: View citations in EconPapers (11)

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DOI: 10.1007/s00199-016-1023-y

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