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Type | Journal Article |
Scope | Discipline-based scholarship |
Title | Regular type distributions in mechanism design and ρ-concavity |
Organization Unit | |
Authors |
|
Item Subtype | Original Work |
Refereed | Yes |
Status | Published in final form |
Language |
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Journal Title | Economic Theory |
Publisher | Springer |
Geographical Reach | international |
ISSN | 0938-2259 |
Volume | 53 |
Number | 3 |
Page Range | 591 - 603 |
Date | 2013 |
Abstract Text | Some of the best-known results in mechanism design depend criticallyon Myerson’s (Math Oper Res 6:58–73, 1981) regularity condition. For example,the second-price auction with reserve price is revenue maximizing only if the typedistribution is regular. This paper offers two main findings. First, a new interpretationof regularity is developed—similar to that of a monotone hazard rate—in terms ofbeing the next to fail. Second, using expanded concepts of concavity, a tight sufficientcondition is obtained for a density to define a regular distribution. New examples ofregular distributions are identified. Applications are discussed. |
Digital Object Identifier | 10.1007/s00199-012-0705-3 |
Other Identification Number | merlin-id:7051 |
PDF File | Download from ZORA |
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Additional Information | The original publication is available at www.springerlink.com |