English, Article, Journal or magazine article edition: Adaptive Dynamics and the Implementation Problem with Complete Information Antonio Cabrales

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Bookmark: http://trove.nla.gov.au/version/153572
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Adaptive Dynamics and the Implementation Problem with Complete Information
Author
  • Antonio Cabrales
Physical Description
  • preprint
Notes
  • This paper studies the equilibrating process of several implementation mechanisms using naive adaptive dynamics. We show that the dynamics converge and are stable, for the canonical mechanism of implementation in Nash equilibrium. In this way we cast some doubt on the criticism of ``complexity'' commonly used against this mechanism. For mechanisms that use more refined equilibrium concepts, the dynamics converge but are not stable. Some papers in the literature on implementation with refined equilibrium concepts have claimed that the mechanisms they propose are ``simple'' and implement ``everything'' (in contrast with the canonical mechanism). The fact that some of these ``simple'' mechanisms have unstable equilibria suggests that these statements should be interpreted with some caution.
  • RePEc:upf:upfgen:179
  • This paper studies the equilibrating process of several implementation mecha-nisms using naive adaptive dynamics. We show that the dynamics converge and are stable, for the canonical mechanism of implementation in Nash equilibrium. In this way we cast some doubt on the criticism of complexity commonly used against this mechanism. For mechanisms that use more refined equilibrium concepts, the dynamics converge but are not stable. Some papers in the literature on implemen-tation with refined equilibrium concepts have claimed that the mechanisms they propose are simple and implement everything (in contrast with the canoni-cal mechanism). The fact that some of these simple mechanisms have unstable equilibria suggests that these statements should be interpreted with some caution. Key Words: Implementation; Bounded Rationality; Evolutionary dynamics; Mechanisms.
  • RePEc:els:esrcls:009
Language
  • English
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