Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/162221
Authors: 
Gizatulina, Alia
Hellwig, Martin
Year of Publication: 
2017
Series/Report no.: 
Preprints of the Max Planck Institute for Research on Collective Goods 2017/2
Abstract: 
McAfee and Reny (1992) have given a necessary and sufficient condition for full surplus extraction in naive type spaces with a continuum of payoff types. We generalize their characterization to arbitrary abstract type spaces and to the universal type space and show that in each setting, full surplus extraction is generically possible. We interpret the McAfee-Reny condition as a much stronger version of injectiveness of belief functions and prove genericity by arguments similar to those used to prove the classical embedding theorem for continuous functions. Our results can be used to also establish the genericity of common priors that admit full surplus extraction.
Subjects: 
mechanism design
surplus extraction
abstract type spaces
universal type space
genericity
correlated values
correlated information
strategic continuity
JEL: 
D40
D44
D80
D82
Document Type: 
Working Paper

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