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On the Generic Nonoptimality of Dominant-Strategy Allocation Mechanisms: A General Theorem That Includes Pure Exchange Economies

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Author Info
Hurwicz, Leonid
Walker, Mark

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Abstract

It is shown that if an economy's participants cannot be separated into groups across which there are no potentially conflicting interests--i.e., if the economy is "indecomposable"--then every continuous truth-dominant allocation mechanism will attain nonoptimal allocations on an open dense set of preference profiles. Classical "Edgeworth-box" exchange economies (economies with no externalities and no production, but with arbitrary numbers of consumers and goods), as well as economies with public goods and economies with other kinds of externalities, are all shown via simple arguments to be indecomposable. The results are extended to cover nonrevelation mechanisms. Copyright 1990 by The Econometric Society.

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Article provided by Econometric Society in its journal Econometrica.

Volume (Year): 58 (1990)
Issue (Month): 3 (May)
Pages: 683-704
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Handle: RePEc:ecm:emetrp:v:58:y:1990:i:3:p:683-704

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  1. Healy, Paul J., 2003. "Learning Dynamics in Mechanism Design: An Experimental Comparison of Public Goods Mechanisms," Working Papers 1182, California Institute of Technology, Division of the Humanities and Social Sciences. [Downloadable!]
  2. Manipushpak Mitra & Roland Hain, 2001. "Simple Sequencing Problems with Interdependent Costs," Bonn Econ Discussion Papers bgse20_2001, University of Bonn, Germany. [Downloadable!]
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  3. Lin Zhou, 1990. "Inefficiency of Strategy-Proof Allocation Mechanisms in Pure Exchange Economies," Cowles Foundation Discussion Papers 954, Cowles Foundation, Yale University. [Downloadable!]
  4. Shigehiro Serizawa & John A. Weymark, 2002. "Efficient Strategy-Proof Exchange and Minimum Consumption Guarantees," Working Papers 0216, Department of Economics, Vanderbilt University, revised Aug 2002. [Downloadable!]
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  5. Kalai, Ehud & Ledyard, John, 1997. "Repeated Implementation," Working Papers 1027, California Institute of Technology, Division of the Humanities and Social Sciences. [Downloadable!]
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  6. David A. Miller, 2005. "The dynamic cost of ex post incentive compatibility in repeated games of private information," Game Theory and Information 0510002, EconWPA. [Downloadable!]
  7. Manipushpak Mitra, 2001. "Incomplete Information and Multiple Machine Queueing Problems," Bonn Econ Discussion Papers bgse19_2001, University of Bonn, Germany. [Downloadable!]
  8. Salvador Barbera & Matthew O. Jackson, 1993. "Strategy-Proof Exchange," Discussion Papers 1021, Northwestern University, Center for Mathematical Studies in Economics and Management Science. [Downloadable!]
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  9. Juan Perote Peña, 2003. "Dominant Strategies Implementation when Compensations are Allowed:a Characterization Fundación," Economic Working Papers at Centro de Estudios Andaluces E2003/12, Centro de Estudios Andaluces. [Downloadable!]
  10. Louis Makowski & Joseph M. Ostroy, 1988. "Groves Mechanisms in Continuum Economies: Characterization and Existence," UCLA Economics Working Papers 518, UCLA Department of Economics. [Downloadable!]
  11. Louis Makowski & Joseph M. Ostroy, 1992. "General Equilibrium and Market Socialism: Clarifying the Logic of Competitive Markets," UCLA Economics Working Papers 672, UCLA Department of Economics. [Downloadable!]
  12. Louis Makowski & Joseph M. Ostroy, 1990. "Vickrey-Clarke-Groves Mechanisms in Continuum Economies: Characterization and Existence," UCLA Economics Working Papers 607, UCLA Department of Economics. [Downloadable!]
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  13. Louis Makowski & Joseph M. Ostroy, 1984. "Vickrey-Clarke-Groves Mechanisms and Perfect Competition," UCLA Economics Working Papers 333, UCLA Department of Economics. [Downloadable!]
  14. Louis Makowski & Joseph M. Ostroy & Uzi Segal, 1995. "Perfect Competition as the Blueprint for Efficiency and Incentive Compatibility," UCLA Economics Working Papers 745, UCLA Department of Economics. [Downloadable!]
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