A characterization of virtual Bayesian implementation |
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Authors: | Roberto Serrano Rajiv Vohra |
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Affiliation: | Department of Economics, Brown University, Providence, RI 02912, USA |
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Abstract: | We provide a characterization of virtual Bayesian implementation in pure strategies for environments satisfying no-total-indifference. A social choice function in such environments is virtually Bayesian implementable if and only if it satisfies incentive compatibility and a condition we term virtual monotonicity. The latter is weaker than Bayesian monotonicity—known to be necessary for Bayesian implementation. Virtual monotonicity is weak in the sense that it is generically satisfied in environments with at least three alternatives. This implies that in most environments virtual Bayesian implementation is as successful as it can be (incentive compatibility is the only condition needed). |
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Keywords: | Virtual monotonicity Bayesian monotonicity Maskin monotonicity Virtual Bayesian implementation Incentive compatibility Type diversity |
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