Genericity and Robustness of Full Surplus Extraction

• 成果类型: Article
• 署名作者: Chen, Yi-Chun; Xiong, Siyang
• 署名单位: National University of Singapore; Rice University
• 刊物名称: ECONOMETRICA
• ISSN/ISSBN: 0012-9682
• DOI: 10.3982/ECTA10123
• 发表日期: 2013
• 页码: 825-847
• 关键词: mechanism; implementation; INFORMATION; PREVALENCE; collusion

摘要

We study whether priors that admit full surplus extraction (FSE) are generic, an issue that becomes a gauge to evaluate the validity of the current mechanism design paradigm. We consider the space of priors on the universal type space, and thereby relax the assumption of a fixed finite number of types made by Cremer and McLean (1988). We show that FSE priors are topologically generic, contrary to the result of Heifetz and Neeman (2006) that FSE is generically impossible, both geometrically and measure-theoretically. Instead of using the BDP approach or convex combinations of priors adopted in Heifetz and Neeman (2006), we prove our genericity results by showing a robustness property of CremerMcLean mechanisms.