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Robust Mechanism Design

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Robust Mechanism Design

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Author : Dirk Bergemann
language : en
Publisher: World Scientific
Release Date : 2012

Robust Mechanism Design written by Dirk Bergemann and has been published by World Scientific this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with Business & Economics categories.

Robust Mechanism Design: the Role of Private Information and Higher Order Beliefs.

An Introduction To Robust Mechanism Design

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Author : Dirk Bergemann
language : en
Publisher: Now Pub
Release Date : 2013-02

An Introduction To Robust Mechanism Design written by Dirk Bergemann and has been published by Now Pub this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-02 with Business & Economics categories.

An Introduction to Robust Mechanism Design brings together and presents a number of results on the theme of robust mechanism design and robust implementation that the authors have been working on in the past decade. This work examines the implications of relaxing the strong informational assumptions that drive much of the mechanism design literature. The objective is to provide the reader with an overview of the research agenda and present the main results of this research by illustrating it in terms of a common and canonical example -- the single unit auction with interdependent values. In addition, the monograph includes an extended discussion on the role of alternative assumptions about type spaces in the authors' work. It also discusses the literature to explain the common logic of the informational robustness approach that unifies the work that is surveyed in this monograph.

An Introduction To The Theory Of Mechanism Design

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Author : Tilman Borgers
language : en
Publisher: Oxford University Press
Release Date : 2015-05-01

An Introduction To The Theory Of Mechanism Design written by Tilman Borgers and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-05-01 with Business & Economics categories.

What is the best way to auction an asset? How should a group of people organize themselves to ensure the best provision of public goods? How should exchanges be organized? In An Introduction to the Theory of Mechanism Design, Tilman Börgers addresses these questions and more through an exploration of the economic theory of mechanism design. Mechanism design is reverse game theory. Whereas game theory takes the rules of the game as a given and makes predictions about the behavior of strategic players, the theory of mechanism design goes a step further and selects the optimal rules of the game. A relatively new economic theory, mechanism design studies the instrument itself as well as the results of the instrument. An Introduction to the Theory of Mechanism Design provides rigorous but accessible explanations of classic results in the theory of mechanism design, such as Myerson's theorem on expected revenue maximizing auctions, Myerson and Satterthwaite's theorem on the impossibility of ex post efficient bilateral trade with asymmetric information, and Gibbard and Satterthwaite's theorem on the non-existence of dominant strategy voting mechanisms. Börgers also provides an examination of the frontiers of current research in the area with an original and unified perspective that will appeal to advanced students of economics.

Robust Mechanism Design

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Author : Dirk Bergemann
language : en
Publisher: World Scientific
Release Date : 2012

Foreword by Eric Maskin (Nobel Laureate in Economics, 2007)This volume brings together the collected contributions on the theme of robust mechanism design and robust implementation that Dirk Bergemann and Stephen Morris have been working on for the past decade. The collection is preceded by a comprehensive introductory essay, specifically written for this volume with the aim of providing the readers with an overview of the research agenda pursued in the collected papers.The introduction selectively presents the main results of the papers, and attempts to illustrate many of them in terms of a common and canonical example, namely a single unit auction with interdependent values. It is our hope that the use of this example facilitates the presentation of the results and that it brings the main insights within the context of an important economic mechanism, namely the generalized second price auction.

Robust Control Design

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Author : Theodore E. Djaferis
language : en
Publisher: Springer Science & Business Media
Release Date : 1995-08-31

Robust Control Design written by Theodore E. Djaferis and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995-08-31 with Technology & Engineering categories.

To a large extent, our lives on this earth depend on systems that operate auto matically. Manysuchsystems can be found in nature and others are man made. These systems can be biological, electrical, mechanical, chemical, or ecological, to namejust a few categories. Our human body is full ofsystems whose conti nued automatic operation is vital for our existence. On a daily basis we come in contact with man made systems whose automatic operation ensures increa sed productivity, promotes economic development and improves the quality of life. A primary component that is responsible for the automatic operation of a system is a device or mechanism called the controller. In man made systems one must first design and then implement such a controller either as a piece of hardware or as software code in a computer. The safe and efficient automatic operation of such systems is testimony to the success of control theorists and practitioners over the years. This book presents new methods {or controller design. The process ofdeveloping a controller or control strategy can be dramatically improved if one can generate an appropriate dynamic model for the system under consideration. Robust control design deals with the question of how to develop such controllers for system models with uncertainty. In many cases dynamic models can be expressed in terms oflinear, time invariant differential equations or transfer functions.

A Necessary Condition For Robust Implementation

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Author : Takuro Yamashita
language : en
Publisher: Stanford University
Release Date : 2011

A Necessary Condition For Robust Implementation written by Takuro Yamashita and has been published by Stanford University this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.

Mechanism design theory examines which social objectives (such as efficiency, fairness, stability, and so on) can be achieved when agents have private information. In most of the papers in the mechanism design literature, it has been the standard approach to assume that the agents play a Bayesian-Nash equilibrium (typically with a ``common prior'') to predict the possible outcomes of mechanisms. However, this approach is often criticized due to its sensitivity of prediction to the assumptions on the agents' beliefs. Given these criticisms, some researchers have investigated robust mechanisms to uncertainty about the agents' beliefs, but the standard approach is to restrict attention to dominant-strategy mechanisms. This approach proves to be restrictive, especially in settings that require a balanced budget. In this dissertation, we consider similar robust approaches, but we do not restrict attention only to dominant-strategy mechanisms. In Chapter 2, we provide an example that illustrates a difference between the dominant strategy approach and the other robust implementation approaches. Specifically, we consider expected welfare maximization in a bilateral trading example with voluntary participation and balanced budget. Chapter 3 provides some general findings. First, we show that any social choice correspondence that is implementable in admissibility must have a ``tree dominance property'': For any profile of ``directed trees'' on each agent's type space, the social choice correspondence must have a selection that satisfies dominant-strategy incentive compatibility along all edges of these trees. Also, we discuss the relationships among different robust implementation concepts. In Chapter 4, we apply these theoretical findings to some economic examples. In general, the tree dominance property may not be a sufficient condition. In applications, we guess which tree dominance conditions are the ``binding'' conditions, and solve a relaxed problems subject to those tree dominance conditions. In some cases, the allocation rule that solves the relaxed problem is proved to be dominant-strategy incentive compatible, which means that dominant-strategy mechanisms cannot be robustly improvable. Even if the solution is not dominant-strategy incentive compatible, we can sometimes verify that this allocation rule can be used as a revelation mechanism that actually robustly implements the desired social choice correspondence. As specific applications, we study (i) bilateral trading settings with balanced budget, (ii) quasi-linear environments without balanced budget, and (iii) implementation of unique desirable allocation rules.

Mechanism Design

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Author : Rakesh V. Vohra
language : en
Publisher: Cambridge University Press
Release Date : 2011-05-09

Mechanism Design written by Rakesh V. Vohra and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-05-09 with Business & Economics categories.

Mechanism design is an analytical framework for thinking clearly and carefully about what exactly a given institution can achieve when the information necessary to make decisions is dispersed and privately held. This analysis provides an account of the underlying mathematics of mechanism design based on linear programming. Three advantages characterize the approach. The first is simplicity: arguments based on linear programming are both elementary and transparent. The second is unity: the machinery of linear programming provides a way to unify results from disparate areas of mechanism design. The third is reach: the technique offers the ability to solve problems that appear to be beyond solutions offered by traditional methods. No claim is made that the approach advocated should supplant traditional mathematical machinery. Rather, the approach represents an addition to the tools of the economic theorist who proposes to understand economic phenomena through the lens of mechanism design.

The Future Of Economic Design

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Author : Jean-François Laslier
language : en
Publisher: Springer Nature
Release Date : 2019-11-15

The Future Of Economic Design written by Jean-François Laslier and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-11-15 with Business & Economics categories.

This collection of essays represents responses by over eighty scholars to an unusual request: give your high level assessment of the field of economic design, as broadly construed. Where do we come from? Where do we go from here? The book editors invited short, informal reflections expressing deeply felt but hard to demonstrate opinions, unsupported speculation, and controversial views of a kind one might not normally risk submitting for review. The contributors – both senior researchers who have shaped the field and promising, younger researchers – responded with a diverse collection of provocative pieces, including: retrospective assessments or surveys of the field; opinion papers; reflections on critical points for the development of the discipline; proposals for the immediate future; "science fiction"; and many more. The readers should have fun reading these unusual pieces – as much as the contributors enjoyed writing them.

Game Theory And Mechanism Design

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Author : Y Narahari
language : en
Publisher: World Scientific
Release Date : 2014-03-13

Game Theory And Mechanism Design written by Y Narahari and has been published by World Scientific this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-03-13 with Computers categories.

This book offers a self-sufficient treatment of a key tool, game theory and mechanism design, to model, analyze, and solve centralized as well as decentralized design problems involving multiple autonomous agents that interact strategically in a rational and intelligent way. The contents of the book provide a sound foundation of game theory and mechanism design theory which clearly represent the “science” behind traditional as well as emerging economic applications for the society.The importance of the discipline of game theory has been recognized through numerous Nobel prizes in economic sciences being awarded to game theorists, including the 2005, 2007, and 2012 prizes. The book distills the marvelous contributions of these and other celebrated game theorists and presents it in a way that can be easily understood even by senior undergraduate students.A unique feature of the book is its detailed coverage of mechanism design which is the art of designing a game among strategic agents so that a social goal is realized in an equilibrium of the induced game. Another feature is a large number of illustrative examples that are representative of both classical and modern applications of game theory and mechanism design. The book also includes informative biographical sketches of game theory legends, and is specially customized to a general engineering audience.After a thorough reading of this book, readers would be able to apply game theory and mechanism design in a principled and mature way to solve relevant problems in computer science (esp, artificial intelligence/machine learning), computer engineering, operations research, industrial engineering and microeconomics.

Game Theoretic Problems In Network Economics And Mechanism Design Solutions

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Author : Y. Narahari
language : en
Publisher: Springer Science & Business Media
Release Date : 2009-04-03

Game Theoretic Problems In Network Economics And Mechanism Design Solutions written by Y. Narahari and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-04-03 with Mathematics categories.

This monograph focuses on exploring game theoretic modeling and mechanism design for problem solving in Internet and network economics. For the first time, the main theoretical issues and applications of mechanism design are bound together in a single text.

Robust Mechanism Design

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