A Characterization of Natural and Double Implementation in Production Economics

Naoki Yoshihara ()

Discussion Paper Series from Institute of Economic Research, Hitotsubashi University

Abstract: We define two types of natural mechanisms, quantity and price-quantity types, in convex production economies, and characterize the class of Pareto subsolutions doubly implementable in Nash and strong Nash equilibria by these mechanisms respectively. First, we show that there is a class of Pareto subsolutions doubly implementable by natural quantity mechanisms, as long as prodution sets have smooth boundaries. We characterize the class of Pareto subsolution doubly implementable natural price-quantity mechanisms without assuming differentiability of utility functions. Third, we show that the Walrasian solution is the unique Pareto and fully individually rational solution naturally and doubly implementable in private ownership economies.

Keywords: Double Implementation; Natural Mechanisms; Supporting Price Independence; the Walrasian Solution (search for similar items in EconPapers)
JEL-codes: C72 D51 D78 (search for similar items in EconPapers)
Date: 2000-02
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Persistent link: https://EconPapers.repec.org/RePEc:hit:hituec:a387

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