Irresolute mechanism design: a new path to possibility

Ville Korpela

International Journal of Game Theory, 2023, vol. 52, issue 4, No 3, 993-1007

Abstract: Abstract Often preferences in a group of agents are such that any sensible goal must admit a tie between all alternatives. The standard formulation in mechanism design demands that in this case all alternatives must be equilibrium outcomes of the decision making mechanism. However, as far as the idea of an equilibrium is to predict the outcome, we could equally well require that there are no equilibria at all. Although this may seem innocent, it allows the mechanism designer to implement goals that are impossible to enforce with any other implementation concept, like mixed Nash implementation, subgame perfect implementation, or Nash implementation using undominated strategies.

Keywords: Condorcet rule; Collective decision making; Implementation; Impossibility results; Nash equilibrium; Social choice theory (search for similar items in EconPapers)
JEL-codes: C72 D71 (search for similar items in EconPapers)
Date: 2023
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DOI: 10.1007/s00182-023-00849-0

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