Jeffrey Ely

Jeff Ely is the Charles E. and Emma H. Morrison Professor of Economics at Northwestern University and an accomplished latte-artist. He is co-director of the Center for Economic Theory, a member of several editorial boards and co-author of the blog Cheap Talk.

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24

Jan

Mechanism Design Without Revenue Equivalence

We characterize incentive compatible mechanisms in quasi-linear environments where the envelope theorem and revenue equivalence fail due to non-convex and non-differentiable valuations. Despite these obstacles, we obtain a characterization based on the familiar Mirrlees representation of the indirect utility and a monotonicity condition on the allocation rule. These conditions pin down the range of…

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Jeffrey Ely

Jeff Ely is the Charles E. and Emma H. Morrison Professor of Economics at Northwestern University and an accomplished latte-artist. He is co-director of the Center for Economic Theory, a member of several editorial boards and co-author of the blog Cheap Talk.

Click here to blast this page, Asteroids style. Space bar fires, arrows move.

24

Jan 2013

Mechanism Design Without Revenue Equivalence

We characterize incentive compatible mechanisms in quasi-linear environments where the envelope theorem and revenue equivalence fail due to non-convex and non-differentiable valuations. Despite these obstacles, we obtain a characterization based on the familiar Mirrlees representation of the indirect utility and a monotonicity condition on the allocation rule. These conditions pin down the range of…

Tags: ,


Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>