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  The Generic Possibility of Full Surplus Extraction in Models with Large Type Spaces

Gizatulina, A., & Hellwig, M. (2017). The Generic Possibility of Full Surplus Extraction in Models with Large Type Spaces.

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Item Permalink: http://hdl.handle.net/11858/00-001M-0000-002C-812D-7 Version Permalink: http://hdl.handle.net/21.11116/0000-0002-FF39-0
Genre: Paper

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 Creators:
Gizatulina, Alia1, Author              
Hellwig, Martin1, Author              
Affiliations:
1Max Planck Institute for Research on Collective Goods, Max Planck Society, ou_2173688              

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Free keywords: mechanism design, surplus extraction,abstract type spaces, universal type space, genericity, correlated values, correlated information, strategic continuity
 JEL: D40 - General
 JEL: D44 - Auctions
 JEL: D80 - General
 JEL: D82 - Asymmetric and Private Information; Mechanism Design
 Abstract: McAfee and Reny (1992) have given a necessary and sufficient condition for full surplus extraction in naive type spaces with a continuum of payoff types. We generalize their characterization to arbitrary abstract type spaces and to the universal type space and show that in each setting, full surplus extraction is generically possible. We interpret the McAfee-Reny condition as a much stronger version of injectiveness of belief functions and prove genericity by arguments similar to those used to prove the classical embedding theorem for continuous functions. Our results can be used to also establish the genericity of common priors that admit full surplus extraction.

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 Dates: 2017-05-252017-02
 Publication Status: Published online
 Pages: -
 Publishing info: Bonn : Max Planck Institute for Research on Collective Goods
 Table of Contents: -
 Rev. Type: -
 Identifiers: Other: 2017/02
 Degree: -

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