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In production economies with unequal labor skills, one of the intrinsic features for Nash implementation problems is the lack of information about individual skills, which makes the planner ignorant to the set of feasible allocations in advance of production. Given this intrinsic feature, the...
Persistent link: https://www.econbiz.de/10008500349
In production economies with unequal labor skills, where the planner is ignorant to the set of feasible allocations in advance of production, the paper firstly introduces a new axiom, Nonmanipulability of Irrelevant Skills (NIS), which together with Maskin Monotonicity constitute the necessary...
Persistent link: https://www.econbiz.de/10008679198
We characterize efficient equilibrium outcomes of two-player games that remain equilibrium outcomes even when the two players may alternately make binding offers of strategy contingent side payments before the game is played. Our characterization result implies that alternately contracting for...
Persistent link: https://www.econbiz.de/10005094619
We analyze two-stage games where players may make binding offers of schemes for side payment acceptance (or rejection) as well as those for side payments before choosing actions. We find that any set of efficient actions maximizing the total payoff is played on an equilibrium path of the...
Persistent link: https://www.econbiz.de/10010629242
We characterize efficient equilibrium outcomes of two-player games that remain equilibrium outcomes even when the two players may alternately make binding offers of strategy contingent side payments before the game is played. Our characterization result implies that alternately contracting for...
Persistent link: https://www.econbiz.de/10010630176
We analyze two-stage games where players may make binding offers of schemes for side payment acceptance (or rejection) as well as those for side payments before choosing actions. We find that any set of efficient actions maximizing the total payoff is played on an equilibrium path of the...
Persistent link: https://www.econbiz.de/10005110632
This paper examines the implementation of two public ownership solutions in convex production economies with differentiable production functions. The two public ownership solutions we focus on are the proportional and equal benefit solutions. Two "natural" mechanisms which doubly implement the...
Persistent link: https://www.econbiz.de/10005370552