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Regular type distributions in mechanism design and ρ-concavity


Ewerhart, Christian (2013). Regular type distributions in mechanism design and ρ-concavity. Economic Theory, 53(3):591-603.

Abstract

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.

Abstract

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.

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Additional indexing

Item Type:Journal Article, refereed, original work
Communities & Collections:03 Faculty of Economics > Department of Economics
Dewey Decimal Classification:330 Economics
Language:English
Date:2013
Deposited On:13 Jun 2012 15:31
Last Modified:16 Feb 2018 17:22
Publisher:Springer
ISSN:0938-2259
Additional Information:The original publication is available at www.springerlink.com
OA Status:Green
Publisher DOI:https://doi.org/10.1007/s00199-012-0705-3
Other Identification Number:merlin-id:7051

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