Uncertainty, efficiency and incentive compatibility: Ambiguity solves the conflict between efficiency and incentive compatibility

التفاصيل البيبلوغرافية
العنوان: Uncertainty, efficiency and incentive compatibility: Ambiguity solves the conflict between efficiency and incentive compatibility
المؤلفون: Nicholas C. Yannelis, Luciano I. de Castro
المصدر: Journal of Economic Theory. 177:678-707
بيانات النشر: Elsevier BV, 2018.
سنة النشر: 2018
مصطلحات موضوعية: Economics and Econometrics, Mechanism design, Transitive relation, media_common.quotation_subject, 05 social sciences, Ambiguity aversion, Ambiguity, Microeconomics, Information asymmetry, Incentive compatibility, 0502 economics and business, Economics, 050206 economic theory, Preference (economics), Expected utility hypothesis, 050205 econometrics, media_common
الوصف: A fundamental result of modern economics is the conflict between efficiency and incentive compatibility, that is, the fact that some Pareto optimal (efficient) allocations are not incentive compatible. This conflict has generated a huge literature, which almost always assumes that individuals are expected utility maximizers. What happens if they have other kind of preferences? Is there any preference where this conflict does not exist? Can we characterize those preferences? We show that in an economy where individuals have complete, transitive, continuous and monotonic preferences, every efficient allocation is incentive compatible if and only if individuals have maximin preferences.
تدمد: 0022-0531
DOI: 10.1016/j.jet.2018.02.008
URL الوصول: https://explore.openaire.eu/search/publication?articleId=doi_________::80e9a64561a6736eefc206a2c2efcc67
https://doi.org/10.1016/j.jet.2018.02.008
Rights: CLOSED
رقم الانضمام: edsair.doi...........80e9a64561a6736eefc206a2c2efcc67
قاعدة البيانات: OpenAIRE
الوصف
تدمد:00220531
DOI:10.1016/j.jet.2018.02.008