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A Tight Sufficient Condition for Recursive Formulation of Dynamic Implementation Problems

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  • Mengus, Eric
  • Lukyanov, George

Abstract

This note explores conditions that admit recursive representation for a class of dynamic mechanism design problems. We derive a tight sufficient condition, called the common state property (CSP), which ensures that temporary incentive constraints guarantee implementability, and so allows to characterize the principal's problem recursively. The condition imposes no restrictions on agent's preferences and only concerns the properties of the evolution of private information.

Suggested Citation

  • Mengus, Eric & Lukyanov, George, 2016. "A Tight Sufficient Condition for Recursive Formulation of Dynamic Implementation Problems," HEC Research Papers Series 1151, HEC Paris.
    • Handle: RePEc:ebg:heccah:1151
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    Keywords

    First order approach; Dynamic mechanism design;

    JEL classification:

    • D30 - Microeconomics - - Distribution - - - General
    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design

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