Full Implementation under Ambiguity Academic Article uri icon

abstract

  • 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)

published proceedings

  • American Economic Journal Microeconomics

altmetric score

  • 3.35

author list (cited authors)

  • Guo, H., & Yannelis, N. C.

citation count

  • 6

complete list of authors

  • Guo, Huiyi||Yannelis, Nicholas C

publication date

  • February 2021