Secure Implementation: Strategy-Proof Mechanisms Reconsidered
- Topics:
- Strategic Planning Process
- Source:
- Pennsylvania State University
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Overview: Strategy-proofness, requiring that truth-telling is a dominant strategy, is a standard concept in social choice theory. However, the concept of strategy-proofness has serious drawbacks. First, announcing one's true preference may not be a unique dominant strategy, and using the wrong dominant strategy may lead to the wrong outcome. Second, almost all strategy-proof mechanisms have a continuum of Nash equilibria, and some of which produce the wrong outcome. Third, experimental evidence shows that most of the strategy-proof mechanisms do not work well.
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Format: PDF | Size: 356KB | Date: Sep 2003 | Pages: 31
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