Exeter Prize 2018 Presentation

Economics

Speaker:Shengwu Li, Harvard University
Website: https://www.shengwu.li/
Date: Friday 15 February 2019
Time: 14.30 - 16.30
Location: Pearson teaching Room Building One

Further details

Abstract: A strategy is obviously dominant if, for any deviation, at any information set where both strategies first diverge, the best outcome under the deviation is no better than the worst outcome under the dominant strategy. A mechanism is obviously strategy-proof (OSP) if it has an equilibrium in obviously dominant strategies. This has a behavioural interpretation: A strategy is obviously dominant if a cognitively limited agent can recognise it as weakly dominant. It also has a classical interpretation: A choice rule is OSP-implementable if it can be carried out by a social planner under a particular regime of partial commitment.