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A note on budget balance under interim participation constraints: the case of independent types |
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| Authors: | Tilman Börgers Peter Norman |
| Institution: | (1) Department of Economics, University of Michigan, 611 Tappan Street, 337 Lorch Hall, Ann Arbor, MI 48109-1220, USA;(2) Department of Economics, University of North Carolina at Chapel Hill, 107 Gardner Hall, Chapel Hill, NC 27599-3305, USA |
| Abstract: | We provide a simple proof of the equivalence between ex ante and ex post budget balance constraints in Bayesian mechanism design with independent types when participation decisions are made at the interim stage. The result is given an interpretation in terms of efficient allocation of risk. |
| Keywords: | Mechanism design Budget balance Participation constraints |
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