Past Events

PER Distinguished Lecture: Vincent P. Crawford, “Efficient Mechanisms for Level-k Bilateral Trading” Friday, April 20, 2018 10:30am-12:00pm Deutsches Haus, Columbia University Press here to RSVP for planning purposes. Professor Vincent P. Crawford revisits Roger Myerson and Mark Satterthwaite’s (1983; “MS”) analysis of mechanism design for bilateral trading, replacing equilibrium with a non-equilibrium “level-k” model that predicts initial responses to games, and focusing on direct mechanisms. The revelation principle fails for level-k models. However, if only level-k- incentive-compatible mechanisms are feasible,…