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Durham University

Research & business

Research lectures, seminars and events

The events listed in this area are research seminars, workshops and lectures hosted by Durham University departments and research institutes. If you are not a member of the University, but  wish to enquire about attending one of the events please contact the organiser or host department.


 

Michele Lombardi (Glasgow University): Temporary Implementation

25th October 2017, 15:30 to 17:00, Room 240, Durham University Business School

The paper examines problems of implementing social choice objectives in a dynamic environment, in which society can only decide and execute a policy variable at hand period by period.

The social objective that society wants to achieve is represented by a social choice function (SCF) that maps each state of the world into a dynamic process mapping every history into a social outcome. This social process is temporarily implementable if there exists a process of one-period game forms (with observed actions and simultaneous moves) each of which generates a social outcome only at one given period after a given history, such that at each state of the world there is a subgame-perfect Nash equilibrium in which the social objective is fulfilled at every period, after every history, as a unique equilibrium outcome process. The paper identifies necessary conditions for SCFs to be temporarily implemented, the folding condition and temporary Maskin monotonicity, and shows that they are also sufficient under auxiliary conditions when there are three or more individuals. Finally, it provides an account of welfare implications of temporary implementability in the contexts of sequential trading and sequential voting.

An Economics and Finance research seminar.

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