Stochastically stable implementation

Antonio Cabrales and Roberto Serrano

UC3M Working papers. Economics from Universidad Carlos III de Madrid. Departamento de Economía

Abstract: Restricting attention to economic environments, we study implementation under perturbed better-response dynamics (BRD). A social choice function (SCF) is implementable in stochastically stable strategies of perturbed BRD whenever the only outcome supported by the stochastically stable strategies of the perturbed process is the outcome prescribed by the SCF. For uniform mistakes, we show that any ε-secure and strongly efficient SCF is implementable when there are at least five agents. Extensions to incomplete information environments are also obtained

Keywords: Robust; implementation; Bounded; rationality; Evolutionary; dynamics; Mechanisms; Stochastic; stability (search for similar items in EconPapers)
JEL-codes: C72 D70 D78 (search for similar items in EconPapers)
Date: 2011-03
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Citations: View citations in EconPapers (1)

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Journal Article: Stochastically stable implementation (2012)
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Persistent link: https://EconPapers.repec.org/RePEc:cte:werepe:we1105

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