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Repeated Implementation

Author

Listed:
  • Azacis, Helmuts
  • Vida, Péter
Abstract
We prove that a social choice function is repeatedly implementable if and only if it is dynamically monotonic when the number of agents is at least three. We show how to test dynamic monotonicity by building an associated repeated game. It follows that a weaker version of Maskin monotonicity is necessary and sufficient among the social choice functions that are efficient. As an application, we show that utilitarian social choice functions, which can only be one-shot implemented with side-payments, are repeatedly implementable, as continuation payoffs can play the role of transfers. Under some additional assumptions, our results also apply when the number of agents is two.

Suggested Citation

  • Azacis, Helmuts & Vida, Péter, 2015. "Repeated Implementation," Discussion Paper Series of SFB/TR 15 Governance and the Efficiency of Economic Systems 518, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich.
    • Handle: RePEc:trf:wpaper:518
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    File URL: https://epub.ub.uni-muenchen.de/25292/1/518.pdf
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    References listed on IDEAS

    as
    1. Kalai, Ehud & Ledyard, John O., 1998. "Repeated Implementation," Journal of Economic Theory, Elsevier, vol. 83(2), pages 308-317, December.
    2. Eric Maskin, 1999. "Nash Equilibrium and Welfare Optimality," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 66(1), pages 23-38.
    3. Benoît, Jean-Pierre & Ok, Efe A., 2008. "Nash implementation without no-veto power," Games and Economic Behavior, Elsevier, vol. 64(1), pages 51-67, September.
    4. Fudenberg, Drew & Maskin, Eric, 1991. "On the dispensability of public randomization in discounted repeated games," Journal of Economic Theory, Elsevier, vol. 53(2), pages 428-438, April.
    5. Chambers, Christopher P., 2004. "Virtual repeated implementation," Economics Letters, Elsevier, vol. 83(2), pages 263-268, May.
    6. Michele Lombardi, 2012. "Nash implementation via simple stochastic mechanisms: strategy space reduction," Review of Economic Design, Springer;Society for Economic Design, vol. 16(4), pages 297-309, December.
    7. Laffont, Jean-Jacques & Maskin, Eric, 1982. "Nash and dominant strategy implementation in economic environments," Journal of Mathematical Economics, Elsevier, vol. 10(1), pages 17-47, June.
    8. Olivier Bochet, 2007. "Nash Implementation with Lottery Mechanisms," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 28(1), pages 111-125, January.
    9. Bhaskar Dutta & Arunava Sen, 1991. "A Necessary and Sufficient Condition for Two-Person Nash Implementation," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 58(1), pages 121-128.
    10. Moore, John & Repullo, Rafael, 1990. "Nash Implementation: A Full Characterization," Econometrica, Econometric Society, vol. 58(5), pages 1083-1099, September.
    11. Abreu, Dilip & Sannikov, Yuliy, 2014. "An algorithm for two-player repeated games with perfect monitoring," Theoretical Economics, Econometric Society, vol. 9(2), May.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Helmuts Āzacis, 2020. "Repeated implementation with overlapping generations of agents," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 55(2), pages 275-299, August.
    2. Azacis, Helmuts & Vida, Peter, 2021. "Fighting Collusion: An Implementation Theory Approach," Cardiff Economics Working Papers E2021/19, Cardiff University, Cardiff Business School, Economics Section.

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    More about this item

    Keywords

    Mechanism Design; Dynamic Monotonicity; Efficiency; Repeated Implementation; Repeated Games; Approximation of the Equilibrium Set; Sufficient and Necessary Condition;
    All these keywords.

    JEL classification:

    • C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games
    • D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations

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