Individual Rationality Under Sequential Decentralized Participation Processes

Laurent Lamy

No 2007-28, Working Papers from Center for Research in Economics and Statistics

Abstract: We consider the implementation of an economic outcome undercomplete information when the principal cannot commit to a simultaneousparticipation game. From a general class of sequential decentralizedparticipation processes and without common knowledge onthe details of the process, we introduce the concept of implementationunder robust sequential individual rationality. We solve the optimaldesign program: the principal may fail to extract fully agents' surplusrelative to the harsher threats but economic efficiency is not damaged.

Pages: 24
Date: 2007
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