E Conomics 611 , S Pring 2006 , Crn 089717 : M
نویسندگان
چکیده
Mechanism design studies incentives by making intense use of incentive compatibility and direct mechanisms, concepts familiar from Economics 602. One has a social choice function or correspondence in mind, which encompasses the desirable behavior of the economy (for each economy we consider, it yields the desirable allocations; we evaluate outcomes only, not the process of reaching them). One then constructs a mechanism (a special kind of game) in order to have the equilibria of the game be desirable allocations according to the social choice function (or correspondence). The use of the revelation principle simplifies this process, since the mechanism designer can restrict her/his attention to direct revelation mechanisms and their truthful equilibria. The concept of equilibrium used varies, depending on the application and the objective of the research project. A recent survey of mechanism theory is Jackson [2001b]. A slightly older survey is chapter 23 in Mas-Colell et al. [1995]. An important recent contribution is Bergemann and Morris [2005]. The most ambitious mechanism design project seeks mechanisms in which the desired outcomes are outcomes of dominant strategy behavior on the part of the players. Generally, the results in dominant strategy mechanism design are negative, except in restricted domains, such as that where all agents have single-peaked preferences. Two classics in dominant strategy mechanisms are Gibbard [1973] and Satterthwaite [1975]. A recent survey is Barberà [2001]. In Bayesian mechanism design theory, the classic papers behind the Vickrey-Clarke-Groves mechanism are Clarke [1971], Vickrey [1961], and Groves [1973]. A recent generalization of this mechanism is in Krishna and Perry [1998]. An important recent paper on mechanisms allows endogenous side payments among players: Jackson and Wilkie [2005].
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