Publication: Adaptive Dynamics and the Implementation Problem with Complete Information
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1999
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Elsevier
Abstract
This paper studies the equilibrating process of several implementation mechanisms using naive adaptive dynamics. We show that the dynamics converge and are stable, for the canonical mechanism of implementation in Nash equilibrium. In this way we cast some doubt on the criticism of “complexity” commonly used against this mechanism. For a mechanism that implements using the iterated deletion of dominated strategies, the dynamics converge but are less stable
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Keywords
implementation, bounded rationality, evolutionary dynamics, mechanisms
Bibliographic citation
Journal of Economic Theory. 1999, vol. 86, nº 2, p. 159-184