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"Consequently, we want to work with all affected parties to craft the best implementable recommendations possible".
One can find queueing problem with one machine that are first best implementable under certain cost conditions.
In mechanism design problems under incomplete information, it is generally difficult to find decision problems that are first best implementable.
In this paper we identify the conditions on cost structure for which queueing problems with multiple machines are first best implementable.
A decision problem under incomplete information is first best implementable if there exists a mechanism that extracts the private information and achieves efficiency with a transfer scheme that adds up to zero in every state.
Similar(55)
Compared to the best existing implementable adaptive design that employs a multiarmed bandit framework in a setting where multiple patients arrive sequentially, we show that our proposed design improves health outcomes of patients in the trial by up to 8.6percentt, in expectation, under a set of considered scenarios.
When record-keeping is expanded, but limited to two monies, the set of economies for which the first-best is implementable corresponds to that of record-keeping, even when private information is present.
This is the allocation that maximizes the expected social surplus subject to the biddersʼ incentive compatible constraints when the first best is not implementable.
This establishes that even in the second-best world with θ > 0, first-best efficiency is implementable by the complete withdrawal of Medicare from the physician market.
In general, the first-best is not implementable, even under the Friedman's rule, patient agents and the optimal mechanism.
When record-keeping is available, the first-best allocation is implementable in a set of sufficiently patient economies.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com