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A Unique Informationally Efficient and Decentralized Mechanism with Fair Outcomes

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Author Info
Calsamiglia, Xavier
Kirman, Alan

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Abstract

It is shown that any informationally decentralized mechanism that realizes fair allocations over the class of classical pure exchange environments has a message space of dimension no smaller than the number of agents times the number of commodities. Since the equal income Walrasian mechanism, in which all agents take prices parametrically and maximize utility subject to the average income constraint, realizes fair outcomes over the class of classical pure exchange environments and has a message space of that dimension, it is informationally efficient. Further, it is shown that it is the unique informationally efficient mechanism realizing fair allocations. Copyright 1993 by The Econometric Society.

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Article provided by Econometric Society in its journal Econometrica.

Volume (Year): 61 (1993)
Issue (Month): 5 (September)
Pages: 1147-72
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Handle: RePEc:ecm:emetrp:v:61:y:1993:i:5:p:1147-72

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Hammond, Peter J, 1979. "Straightforward Individual Incentive Compatibility in Large Economies," Review of Economic Studies, Blackwell Publishing, vol. 46(2), pages 263-82, April. [Downloadable!] (restricted)
  2. Kenneth Mount & Stanley Reiter, 1973. "The Informational Size of Message Spaces," Discussion Papers 3, Northwestern University, Center for Mathematical Studies in Economics and Management Science. [Downloadable!]
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  3. Reichelstein, Stefan, 1984. "Incentive compatibility and informational requirements," Journal of Economic Theory, Elsevier, vol. 34(1), pages 32-51, October. [Downloadable!] (restricted)
  4. Schmeidler, David & Vind, Karl, 1972. "Fair Net Trades," Econometrica, Econometric Society, vol. 40(4), pages 637-42, July. [Downloadable!] (restricted)
  5. Hurwicz, Leonid & Majumdar, Mukul, 1988. "Optimal intertemporal allocation mechanisms and decentralization of decisions," Journal of Economic Theory, Elsevier, vol. 45(2), pages 228-261, August. [Downloadable!] (restricted)
  6. Stefan Reichelstein & Stanley Reiter, 1985. "Game Forms with Minimal Strategy Spaces," Discussion Papers 663, Northwestern University, Center for Mathematical Studies in Economics and Management Science. [Downloadable!]
  7. Panzer, Elisha A & Schmeidler, David, 1974. "A Difficulty in the Concept of Fairness," Review of Economic Studies, Blackwell Publishing, vol. 41(3), pages 441-43, July. [Downloadable!] (restricted)
  8. Chander, Parkash, 1983. "On the informational efficiency of the competitive resource allocation process," Journal of Economic Theory, Elsevier, vol. 31(1), pages 54-67, October. [Downloadable!] (restricted)
  9. Chander, Parkash, 1983. "On the Informational Size of Message Spaces for Efficient Resource Allocation Processes," Econometrica, Econometric Society, vol. 51(4), pages 919-38, July. [Downloadable!] (restricted)
  10. Champsaur, Paul & Laroque, Guy, 1981. "Fair allocations in large economies," Journal of Economic Theory, Elsevier, vol. 25(2), pages 269-282, October. [Downloadable!] (restricted)
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