Dynamic mechanism design: An elementary introduction

• Tác giả: Kiho Yoon
• Ngôn ngữ: eng
• Ký hiệu phân loại: 001.434 Experimental method
• Thông tin xuất bản: 2021
• Bộ sưu tập: Metadata
• ID: 167150

Tóm tắt

This paper introduces dynamic mechanism design in an elementary fashion. We first examine optimal dynamic mechanisms: We find necessary and sufficient conditions for perfect Bayesian incentive compatibility and formulate the optimal dynamic mechanism problem. We next examine efficient dynamic mechanisms: We establish the uniqueness of Groves mechanism and investigate budget balance of the dynamic pivot mechanism in some detail for a bilateral trading environment. This introduction reveals that many results and techniques of static mechanism design can be straightforwardly extended and adapted to the analysis of dynamic settings.