Tài liệu Dynamic stability of nash-efficient public goods mechanisms

Thảo luận trong 'Quản Trị Kinh Doanh' bắt đầu bởi Thúy Viết Bài, 5/12/13.

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    The idea of using supermodularity as a robust stability criterion for Nashefficient
    mechanisms is not only based on its good theoretical properties, but also on
    strong experimental evidence. In fact it is inspired by the experimental results of
    Chen and Plott (1996) and Chen and Tang (1998), where they varied a punishment
    parameter in the Groves-Ledyard mechanism in a set of experiments and obtained
    totally different dynamic stability results.
    In this paper, we review the main experimental findings on the dynamic stability
    of Nash-efficient public goods mechanisms, examine the supermodularity of existing
    Nash-efficient public goods mechanisms, and use the results to sort a class of experimental
    findings.
    Section 2 introduces the environment. Section 3 reviews the experimental results.
    Section 4 discusses supermodular games. Section 5 investigates whether the existing
    mechanisms are supermodular games. Section 6 concludes the paper.
    2. A PUBLIC GOODS ENVIRONMENT
    We first introduce notation and the economic environment. Most of the experimental
    implementations of incentive-compatible mechanisms use a simple environment.
    Usually there is one private good x, one public good y, and n ≥ 3 players, indexed by
    subscript i. Production technology for the public good exhibits constant returns to
    scale, i.e., the production function f (·) is given by y = f(x) = x/b for some b > 0.
    Preferences are largely restricted to the class of quasilinear preferences, except Harstad
    and Marrese (1982) and Falkinger et al. (2000). Let E represent the set of transitive,
    complete and convex individual preference orderings, i , and initial endowments,
    ω x
    i. We formally define EQ as follows.
     

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