Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/162221 
Erscheinungsjahr: 
2017
Schriftenreihe/Nr.: 
Preprints of the Max Planck Institute for Research on Collective Goods No. 2017/2
Verlag: 
Max Planck Institute for Research on Collective Goods, Bonn
Zusammenfassung: 
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.
Schlagwörter: 
mechanism design
surplus extraction
abstract type spaces
universal type space
genericity
correlated values
correlated information
strategic continuity
JEL: 
D40
D44
D80
D82
Dokumentart: 
Working Paper

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