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The generic possibility of full surplus extraction in models with large type spaces
2017
Journal of Economic Theory
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
doi:10.1016/j.jet.2017.05.009
fatcat:kckpavl43rfp5olwcmgdv7s4xa