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An implementation of constrained efficient allocations in hidden information economies

Author

Listed:
  • Yuya Wakabayashi

    (JSPS Research Fellow (DC2), Graduate School of Economics, Osaka University)

Abstract

We examine a simple hidden information economy with a single agent, multiple identical firms, and two goods. The agent’s states are unknown to the firms. The game unfolds in two stages: in the first stage, firms offer a menu of allocations, and in the second stage, the agent selects her preferred allocation from the offered allocations. We show that, in almost all cases, the constrained efficient allocation cannot be implemented by a subgame perfect equilibrium in the game.

Suggested Citation

  • Yuya Wakabayashi, 2024. "An implementation of constrained efficient allocations in hidden information economies," OSIPP Discussion Paper 24E002, Osaka School of International Public Policy, Osaka University.
    • Handle: RePEc:osp:wpaper:24e002
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    File URL: https://www.osipp.osaka-u.ac.jp/archives/DP/2024/DP2024E002.pdf
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    More about this item

    Keywords

    Asymmetric information; Constrained efficiency; Nash implementation;
    All these keywords.

    JEL classification:

    • D47 - Microeconomics - - Market Structure, Pricing, and Design - - - Market Design
    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
    • D86 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Economics of Contract Law

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