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Robust Mechanism Design of Exchange

Author

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  • Pasha Andreyanov
  • Tomasz Sadzik

Abstract

In this article, we provide mechanisms for exchange economies with private information and interdependent values, which are ex post individually rational, incentive compatible, generate budget surplus, and are ex post nearly efficient, with many agents. Our framework is entirely prior-free, and we make no symmetry restrictions. The mechanisms can be implemented using a novel discriminatory conditional double auction, without knowledge of information structure or utility functions. We also show that no other mechanism satisfying the constraints can generate inefficiency of smaller order.

Suggested Citation

  • Pasha Andreyanov & Tomasz Sadzik, 2021. "Robust Mechanism Design of Exchange," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 88(2), pages 521-573.
    • Handle: RePEc:oup:restud:v:88:y:2021:i:2:p:521-573.
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    File URL: http://hdl.handle.net/10.1093/restud/rdaa049
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    Cited by:

    1. Song, Yangwei, 2023. "Approximate Bayesian implementation and exact maxmin implementation: An equivalence," Games and Economic Behavior, Elsevier, vol. 139(C), pages 56-87.
    2. Kwanghyun Kim, 2024. "On the existence of efficient multilateral trading mechanisms with interdependent values," International Journal of Game Theory, Springer;Game Theory Society, vol. 53(2), pages 579-608, June.
    3. Song, Yangwei, 2022. "Approximate Bayesian Implementation and Exact Maxmin Implementation: An Equivalence," Rationality and Competition Discussion Paper Series 362, CRC TRR 190 Rationality and Competition.

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