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Bayesian and Dominant‐Strategy Implementation in the Independent Private‐Values Model |
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| Authors: | Alejandro M Manelli Daniel R Vincent |
| Abstract: | We prove—in the standard independent private‐values model—that the outcome, in terms of interim expected probabilities of trade and interim expected transfers, of any Bayesian mechanism can also be obtained with a dominant‐strategy mechanism. |
| Keywords: | Independent private values incentive compatibility Bayesian implementations dominant‐strategy implementation auctions adverse selection bilateral trade mechanism design |