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A non-differentiable approach to revenue equivalence

Author

Listed:
  • ,

    (University of Minnesota)

  • ,

    (Northwestern University)

Abstract
We give a sufficient condition on the type space for revenue equivalence when the set of social alternatives consists of probability distributions over a finite set. Types are identified with real-valued functions that assign valuations to elements of this finite set, and the type space is equipped with the Euclidean topology. Our sufficient condition is stronger than connectedness but weaker than smooth arcwise connectedness. Our result generalizes all existing revenue equivalence theorems when the set of social alternatives consists of probability distributions over a finite set. When the set of social alternatives is finite, we provide a necessary and sufficient condition. This condition is similar to, but slightly weaker than, connectedness.

Suggested Citation

  • , & ,, 2007. "A non-differentiable approach to revenue equivalence," Theoretical Economics, Econometric Society, vol. 2(4), December.
    • Handle: RePEc:the:publsh:277
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    File URL: http://econtheory.org/ojs/index.php/te/article/viewFile/20070469/1479/67
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    More about this item

    Keywords

    Revenue equivalence; mechanism design; incentive compatibility; non-differentiable approach; connected type space;
    All these keywords.

    JEL classification:

    • C02 - Mathematical and Quantitative Methods - - General - - - Mathematical Economics
    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • D44 - Microeconomics - - Market Structure, Pricing, and Design - - - Auctions
    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design

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