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Provide a groves-clarke mechanism

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Reference no: EM132417973

Problem: Suppose that there are four roommates who have to decide whether or not to acquire a TV that costs $400. Person A is willing to pay $150 to have the TV present, while person B is willing to pay $140, person C is willing to pay $50, and person D is willing to pay $90. The willingness-to-pay is one'sprivate information.

Required:

  1. Provide a Groves-Clarke mechanism (step by step) to achieve an efficient outcome. Explain who the pivotal person(s) is and calculate the tax for each pivotal person.
  2. Given the Groves-Clarke mechanism you provide above, explain why each person has no incentive to misreport his/her willingness-to-pay.

Reference no: EM132417973

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