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|Title:||The genericity of beliefs-determine-preferences models revisited|
|Authors:||Chen, Y.-C. |
Full surplus extraction
|Source:||Chen, Y.-C., Xiong, S. (2011-03). The genericity of beliefs-determine-preferences models revisited. Journal of Economic Theory 146 (2) : 751-761. ScholarBank@NUS Repository. https://doi.org/10.1016/j.jet.2010.12.005|
|Abstract:||Barelli [P. Barelli, On the genericity of full surplus extraction in mechanism design, J. Econ. Theory 144 (2009) 1320-1332] defines beliefs-determine-preferences (BDP) models and argues that BDP models are nongeneric in a topological sense. In this note, we point out some difficulties in Barelli's approach. Furthermore, we follow the idea of Heifetz and Neeman [A. Heifetz, Z. Neeman, On the generic (im)possibility of full surplus extraction, Econometrica 74 (2006) 213-233] to propose a more relevant notion of BDP* model. We prove that BDP* models are generic, which is opposite to Barelli's conclusion. © 2010 Elsevier Inc.|
|Source Title:||Journal of Economic Theory|
|Appears in Collections:||Staff Publications|
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