Full Implementation under Ambiguity
Keyword(s):
This paper introduces the maxmin expected utility framework into the problem of fully implementing a social choice set as ambiguous equilibria. Our model incorporates the Bayesian framework and the Wald-type maxmin preferences as special cases and provides insights beyond the Bayesian implementation literature. We establish necessary and almost sufficient conditions for a social choice set to be fully implementable. Under the Wald-type maxmin preferences, we provide easy-to-check sufficient conditions for implementation. As applications, we implement the set of ambiguous Pareto-efficient and individually rational social choice functions, the maxmin core, the maxmin weak core, and the maxmin value. (JEL D71, D81, D82)
2017 ◽
Vol 58
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pp. 797-827
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Keyword(s):
2006 ◽
Vol 22
(2)
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pp. 181-190
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2007 ◽
Vol 31
(1)
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pp. 129-149
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1997 ◽
Vol 28
(8)
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pp. 749-754
Keyword(s):
Keyword(s):
1980 ◽
Vol 9
(4)
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pp. 191-199
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