Time and Nash Implementation

29 Pages Posted: 11 Feb 2013

See all articles by Georgy Artemov

Georgy Artemov

University of Melbourne - Department of Economics

Date Written: February 11, 2013

Abstract

In this paper, we study full implementation problem by mechanisms that allow delay. The delay on the equilibrium path may be zero, infinitesimally small or a fixed positive number. In all these three cases, implementable rules are characterized by a monotonicity-like condition alone, including the case of two agents. We specialize this condition to an environment where only the patience of the agents changes. In this environment, zero-delayed implementable rules are characterized by a simple yet restrictive condition; however, it is possible to find a delay such that almost any rule is implementable. To compare our notion of implementation to the existing ones, we provide examples of rules that are not implementable in Nash equilibrium refinements, but are implementable with infinitesimally small delay (imminently). We also establish a link between imminent and virtual implementation.

Keywords: Implementation, delay, time, lotteries, social choice rules, Nash equilibrium

JEL Classification: D78, C72, D60, D71, D72

Suggested Citation

Artemov, Georgy, Time and Nash Implementation (February 11, 2013). Available at SSRN: https://ssrn.com/abstract=2214802 or http://dx.doi.org/10.2139/ssrn.2214802

Georgy Artemov (Contact Author)

University of Melbourne - Department of Economics ( email )

Melbourne, 3010
Australia

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