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Second-Best Mechanisms Jeffrey Ely July 23, 2009 This work is licensed under the Creative Commons Attribution-NonCommercial-ShareAlike 3.0 License. Jeffrey Ely Second-Best Mechanisms The VCG mechanism is the Only Efficient Mechanism Since the VCG mechanism is the only mechanism that Makes truthtelling a dominant strategy Implements the utilitarian rule And since the VCG mechanism yields a budget deficit, There is no budget ba