Natural Implementation with Semi-responsible-sincere Agents in Pure Exchange Economies

Michele Lombardi, Naoki Yoshihara () and 直毅 吉原

No 649, Discussion Paper Series from Institute of Economic Research, Hitotsubashi University

Abstract: We study Nash implementation by natural price-quantity mechanisms in pure exchange economies when agents have intrinsic preferences for responsible-sincerity. An agent has an intrinsic preference for responsible-sincerity if she cares about truth-telling that is in line with the goal of the mechanism designer besides her material well-being. A semi-responsible-sincere agent is an agent who, given what her opponents do, acts in a non-responsible-sincere manner when a responsible-sincere behavior poses obstacles to her material well-being. The class of e¢ cient allocation rules that are Nash implementable is identi.ed provided that there is at least one agent who is semi-responsible-sincere. The Walrasian rule is shown to belong to that class.

Keywords: Nash equilibrium; exchange economies; intrinsic preferences for responsible-sincerity; boundary problem; price-quantity mechanism (search for similar items in EconPapers)
JEL-codes: C72 D71 (search for similar items in EconPapers)
Pages: 23 pages
Date: 2016-08
New Economics Papers: this item is included in nep-gth and nep-mic
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:hit:hituec:649

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