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- Revelation_principle abstract "The revelation principle of economics can be stated as, "To any Bayesian Nash equilibrium of a game of incomplete information, there exists a payoff-equivalent revelation mechanism that has an equilibrium where the players truthfully report their types."For dominant strategies, instead of Bayesian equilibrium, the revelation principle was introduced by Allan Gibbard(1973). Later this principle was extended to the broader solution concept of Bayesian equilibriumby Dasgupta, Hammond and Maskin (1979), Holmstrom (1977), and Myerson (1979).The revelation principle is useful in Game theory, Mechanism design, social welfare and auctions. William Vickrey, winner of the 1996 Nobel Prize for Economics, devised an auction type where the highest bidder would win the sealed bid auction, but at the price offered by the second-highest bidder. Under this system, the highest bidder would be better motivated to reveal his maximum price than in traditional auctions, which would also benefit the seller. This is sometimes called a second price auction or a Vickrey auction.In Mechanism design the revelation principle is of utmost importance in finding solutions. The researcher need only look at the set of equilibrium characterized by incentive compatibility. That is, if the mechanism designer wants to implement some outcome or property, he can restrict his search to mechanisms in which agents are willing to reveal their private information to the mechanism designer that has that outcome or property. If no such direct and truthful mechanism exists, no mechanism can implement this outcome/property. By narrowing the area needed to be searched, the problem of finding a mechanism becomes much easier.".
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- Revelation_principle wikiPageRevisionID "634274359".
- Revelation_principle wikiPageWikiLink Allan_Gibbard.
- Revelation_principle wikiPageWikiLink Bank_of_Sweden_Prize_in_Economic_Sciences_in_Memory_of_Alfred_Nobel.
- Revelation_principle wikiPageWikiLink Bayesian_game.
- Revelation_principle wikiPageWikiLink Category:Economic_efficiency.
- Revelation_principle wikiPageWikiLink Category:Game_theory.
- Revelation_principle wikiPageWikiLink Category:Principles.
- Revelation_principle wikiPageWikiLink Constrained_Pareto_efficiency.
- Revelation_principle wikiPageWikiLink Eric_Maskin.
- Revelation_principle wikiPageWikiLink Game_theory.
- Revelation_principle wikiPageWikiLink Incentive_compatibility.
- Revelation_principle wikiPageWikiLink Mechanism_design.
- Revelation_principle wikiPageWikiLink Nash_equilibrium.
- Revelation_principle wikiPageWikiLink Nobel_Memorial_Prize_in_Economic_Sciences.
- Revelation_principle wikiPageWikiLink Roger_Myerson.
- Revelation_principle wikiPageWikiLink The_Market_for_Lemons.
- Revelation_principle wikiPageWikiLink Vickrey_auction.
- Revelation_principle wikiPageWikiLink William_Vickrey.
- Revelation_principle wikiPageWikiLinkText "Revelation principle".
- Revelation_principle wikiPageWikiLinkText "Revelation_principle".
- Revelation_principle wikiPageWikiLinkText "revelation principle".
- Revelation_principle hasPhotoCollection Revelation_principle.
- Revelation_principle wikiPageUsesTemplate Template:Econ-stub.
- Revelation_principle wikiPageUsesTemplate Template:Game_theory.
- Revelation_principle wikiPageUsesTemplate Template:Reflist.
- Revelation_principle subject Category:Economic_efficiency.
- Revelation_principle subject Category:Game_theory.
- Revelation_principle subject Category:Principles.
- Revelation_principle type Concept.
- Revelation_principle comment "The revelation principle of economics can be stated as, "To any Bayesian Nash equilibrium of a game of incomplete information, there exists a payoff-equivalent revelation mechanism that has an equilibrium where the players truthfully report their types."For dominant strategies, instead of Bayesian equilibrium, the revelation principle was introduced by Allan Gibbard(1973).".
- Revelation_principle label "Revelation principle".
- Revelation_principle sameAs Principio_de_revelación.
- Revelation_principle sameAs Zasada_ujawniania.
- Revelation_principle sameAs m.0g3rb9.
- Revelation_principle sameAs Q7317833.
- Revelation_principle sameAs Q7317833.
- Revelation_principle wasDerivedFrom Revelation_principle?oldid=634274359.
- Revelation_principle isPrimaryTopicOf Revelation_principle.