An assignment problem with interdependent valuations and externalities

IF 1.2 3区经济学 Q3 ECONOMICS Economic Theory Pub Date : 2023-12-14 DOI:10.1007/s00199-023-01538-5

Tatiana Daddario, Richard P. McLean, Andrew Postlewaite

引用次数: 0

Abstract

In this paper, we take a mechanism design approach to optimal assignment problems with asymmetrically informed buyers. In addition, the surplus generated by an assignment of a buyer to a seller may be adversely affected by externalities generated by other assignments. The problem is complicated by several factors. Buyers know their own valuations and externality costs but do not know this same information for other buyers. Buyers also receive private signals correlated with the state and, consequently, the implementation problem exhibits interdependent valuations. This precludes a naive application of the VCG mechanism and to overcome this interdependency problem, we construct a two-stage mechanism. In the first stage, we exploit correlation in the firms signals about the state to induce truthful reporting of observed signals. Given that buyers are honest in stage 1, we then use a VCG-like mechanism in stage 2 that induces honest reporting of valuation and externality functions.

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具有相互依赖的价值和外部性的分配问题

本文采用一种机制设计方法来研究具有不对称信息购买者的最优分配问题。此外，将买方转让给卖方所产生的盈余可能会受到其他转让所产生的外部性的不利影响。这个问题因几个因素而复杂化。买家知道自己的估值和外部性成本，但不知道其他买家的信息。买家也接收到与国家相关的私人信号，因此，执行问题表现出相互依赖的估值。这排除了VCG机制的幼稚应用，为了克服这种相互依赖的问题，我们构建了一个两阶段的机制。在第一阶段，我们利用企业状态信号的相关性来诱导观察到的信号的真实报告。假设买方在第一阶段是诚实的，那么我们在第二阶段使用类似于vcg的机制，诱导诚实地报告估值和外部性函数。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Economic Theory ECONOMICS-

CiteScore

2.50

自引率

23.10%

发文量

期刊介绍： The purpose of Economic Theory is to provide an outlet for research - in all areas of economics based on rigorous theoretical reasoning, and - on specific topics in mathematics which is motivated by the analysis of economic problems. Economic Theory''s scope encompasses - but is not limited to - the following fields. - classical and modern equilibrium theory - cooperative and non-cooperative game theory - macroeconomics - social choice and welfare - uncertainty and information, intertemporal economics (including dynamical systems) - public economics - international and developmental economics - financial economics, money and banking - industrial organization Economic Theory also publishes surveys if they clearly picture the basic ideas at work in some areas, the essential technical apparatus which is used and the central questions which remain open. The development of a productive dialectic between stylized facts and abstract formulations requires that economic relevance be at the forefront. Thus, correct, and innovative, mathematical analysis is not enough; it must be motivated by - and contribute to - the understanding of substantive economic problems. Officially cited as: Econ Theory

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