Efficient design with interdependent valuations


Jéhiel, Philippe ; Moldovanu, Benny


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URL: https://ub-madoc.bib.uni-mannheim.de/2838
URN: urn:nbn:de:bsz:180-madoc-28386
Document Type: Working paper
Year of publication: 1999
The title of a journal, publication series: Rationalitätskonzepte, Entscheidungsverhalten und ökonomische Modellierung
Volume: 99-74
Place of publication: Mannheim
Publication language: English
Institution: Außerfakultäre Einrichtungen > SFB 504 (-2008)
MADOC publication series: Sonderforschungsbereich 504 > Rationalitätskonzepte, Entscheidungsverhalten und ökonomische Modellierung (Laufzeit 1997 - 2008)
Subject: 330 Economics
Subject headings (SWD): Auktionstheorie , Nash-Gleichgewicht , Allokation , Effizienz , Externer Effekt , Faktorsubstitution , Information
Abstract: We study efficient, Bayes-Nash incentive compatible mechanisms in a social choice setting that allows for informational and allocative externalities. We show that such mechanisms exist only if a congruence condition relating private and social rates of information substitution is satisfied. If signals are multidimensional, the congruence condition is determined by an integrability constraint, and it can hold only in non-generic cases such as the private value case or the symmetric case. If signals are one-dimensional, the congruence condition reduces to a monotonicity constraint and it can be generically satisfied. We apply the results to the study of multi-object auctions, and we discuss why such auctions cannot be reduced to one-dimensional models without loss of generality.
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Jéhiel, Philippe ; Moldovanu, Benny (1999) Efficient design with interdependent valuations. Open Access Rationalitätskonzepte, Entscheidungsverhalten und ökonomische Modellierung Mannheim 99-74 [Working paper]
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