Implementation in Models of Independent, Private, and Multivariate Values

Boaz Zik

Discussion Paper Series from The Federmann Center for the Study of Rationality, the Hebrew University, Jerusalem

Abstract: We consider the problem of implementation in models of independent private values in which the valuation an agent attributes to a particular alternative is a function from a multidimensional Euclidean space to the real line. We first consider implementation by standard mechanisms, that include a decision rule and a profile of personal transfers. We present impossibility results on the implementation of decision rules that assign different outcomes to profiles of signals that result in the same profile of valuations. We then consider implementation by extended mechanisms that include, in addition to a decision rule and a profile of personal transfers, a profile of functions that affect the arguments of the valuation functions. We show that decision rules that assign different outcomes to profiles of signals that result in the same profile of valuations can be implemented by such mechanisms.

Pages: 30 pages
Date: 2015-09
New Economics Papers: this item is included in nep-mic
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