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image/svg+xml Jakob Voss, based on art designer at PLoS, modified by Wikipedia users Nina and Beao Closed Access logo, derived from PLoS Open Access logo. This version with transparent background. http://commons.wikimedia.org/wiki/File:Closed_Access_logo_transparent.svg Jakob Voss, based on art designer at PLoS, modified by Wikipedia users Nina and Beao zbMATH Openarrow_drop_down
image/svg+xml Jakob Voss, based on art designer at PLoS, modified by Wikipedia users Nina and Beao Closed Access logo, derived from PLoS Open Access logo. This version with transparent background. http://commons.wikimedia.org/wiki/File:Closed_Access_logo_transparent.svg Jakob Voss, based on art designer at PLoS, modified by Wikipedia users Nina and Beao
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Article
Data sources: zbMATH Open
Econometrica
Article . 1991 . Peer-reviewed
Data sources: Crossref
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Bayesian Implementation

Bayesian implementation
Authors: Jackson, Matthew O;

Bayesian Implementation

Abstract

Summary: The subject of this paper is the decentralization of decision making when agents have information which is incomplete and possibly exclusive. The first theorem states that in economic environments with three or more individuals, there exists a mechanism whose Bayesian equilibria coincide with a desired collection of social choice functions if and only if closure, incentive compatibility, and Bayesian monotonicity conditions are satisfied. With regards to the previous literature, this closes the gap between necessary and sufficient conditions by using a slightly stronger definition of Bayesian monotonicity, and extends the definition of economic environments to permit externalities. The second theorem extends the analysis to noneconomic environments. It states that closure, incentive compatibility, and a combination of monotonicity and no-veto conditions, are sufficient for implementation, when there are at least three individuals. An example shows that in a Bayesian setting, the second theorem does not hold for separate monotonicity and no-veto style conditions.

Keywords

decentralization of decision making, social choice functions, Bayesian equilibria, Social choice

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selected citations
These citations are derived from selected sources.
This is an alternative to the "Influence" indicator, which also reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Citations provided by BIP!
popularity
This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network.
BIP!Popularity provided by BIP!
influence
This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Influence provided by BIP!
impulse
This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.
BIP!Impulse provided by BIP!
147
Top 10%
Top 1%
Top 10%
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