Dynamic Implementation ∗
نویسنده
چکیده
Consider a strategic environment subject to moral hazard and adverse selection across multiple stages, with rich communication protocols. In this paper, we prove that for any allocation, there exist linear transfers to make it incentive compatible if and only if every undetectable deviation from honesty and obedience is unprofitable when the transfers equal zero, where ‘undetectable’ means that the distributions of actual and reported types coincide. The set of transfers that implement a given implementable allocation is also characterized. These results extend Rochet’s (1987) characterization of implementability to a dynamic context. The paper also characterizes optimal allocations, profitmaximizing mechanisms, virtual implementation, implementation subject to dynamic budget balance, and dynamic revenue equivalence. JEL Classification: D82, D83, D86.
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