Multibidding game under uncertainty |
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Authors: | Róbert Ferenc Veszteg |
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Institution: | 1. Departamento de Economía, Universidad Carlos III de Madrid, c/Madrid 126, 28903, Getafe (Madrid), Spain
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Abstract: | This paper considers situations in which a group of agents has to decide whether to carry out a given public project or its alternative when agents hold private information. I use the budget-balanced multibidding mechanism (Pérez-Castrillo and Wettstein in Am Econ Rev 5:1577–1587, 2002) according to which the game to be played by participants has only one stage and simple rules that can be applied in a wide range of situations. It is shown that the symmetric equilibria of the multibidding game deliver ex-post efficient outcomes if the number of agents is two, for any underlying symmetric distribution characterizing uncertainty, or is very large. |
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