Discuss the below:
Q1: Check strategy-proofness and evaluate efficiency of the reverse priority-based mechanisms.
Q2: Give the definitions and illustrative examples for the following terms:
Planning mechanism Strategic behavior Strategy-proof mechanism Direct mechanism Preference function
Type of an agent Fair play principle Decentralizing sets
Perfect concordance condition Hypothesis of weak contagion Single-peaked function
Mechanism of proportional allocation Dictator
Anonymous mechanism Mechanism of serial allocation Mechanism of transfer prices Transfer price
Cobb-Douglas function Expert mechanism
Spence-Mirrlees single-crossing condition Incentive-compatibility condition Condition of individual rationality
Rank-order tournament Auction:
Continuous auction Discrete auction Direct auction Simple auction