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Strategy-Proof Exchange

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Author Info
Barbera, Salvador
Jackson, Matthew O

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Abstract

The authors consider the allocation of goods in exchange economies with a finite number of agents who may have private information about their preferences. They characterize the set of allocation rules that are compatible with individual incentives or, in other words, the set of strategy-proof social choice functions. Social choice functions that are strategy-proof are those that can be obtained from trading according to a finite number of prespecified proportions. The number of proportions that can be accommodated is proportional to the number of agents. Such rules are necessarily inefficient even in the limit as the economy grows. Copyright 1995 by The Econometric Society.

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Publisher Info
Article provided by Econometric Society in its journal Econometrica.

Volume (Year): 63 (1995)
Issue (Month): 1 (January)
Pages: 51-87
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Handle: RePEc:ecm:emetrp:v:63:y:1995:i:1:p:51-87

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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. Aumann, Robert J & Dreze, Jacques H, 1986. "Values of Markets with Satiation or Fixed Prices," Econometrica, Econometric Society, vol. 54(6), pages 1271-1318, November. [Downloadable!] (restricted)
  2. Postlewaite, Andrew & Schmeidler, David, 1986. "Implementation in differential information economies," Journal of Economic Theory, Elsevier, vol. 39(1), pages 14-33, June. [Downloadable!] (restricted)
  3. Salvador Barbera & Matthew Jackson, 1991. "A Characterization of Strategy-Proof Social Choice Functions for Economies with Pure Public Goods," Discussion Papers 964, Northwestern University, Center for Mathematical Studies in Economics and Management Science. [Downloadable!]
  4. Hagerty, Kathleen M. & Rogerson, William P., 1987. "Robust trading mechanisms," Journal of Economic Theory, Elsevier, vol. 42(1), pages 94-107, June. [Downloadable!] (restricted)
  5. Satterthwaite, Mark A & Sonnenschein, Hugo, 1981. "Strategy-Proof Allocation Mechanisms at Differentiable Points," Review of Economic Studies, Blackwell Publishing, vol. 48(4), pages 587-97, October. [Downloadable!] (restricted)
  6. Gul, Faruk & Postlewaite, Andrew, 1992. "Asymptotic Efficiency in Large Exchange Economies with Asymmetric Information," Econometrica, Econometric Society, vol. 60(6), pages 1273-92, November. [Downloadable!] (restricted)
  7. Gibbard, Allan, 1973. "Manipulation of Voting Schemes: A General Result," Econometrica, Econometric Society, vol. 41(4), pages 587-601, July. [Downloadable!] (restricted)
  8. Barbera, S. & Peleg, B., 1988. "Strategy-Proof Voting Schemes With Continuous Preferences," UFAE and IAE Working Papers 91.88, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
  9. Roberts, Donald John & Postlewaite, Andrew, 1976. "The Incentives for Price-Taking Behavior in Large Exchange Economies," Econometrica, Econometric Society, vol. 44(1), pages 115-27, January. [Downloadable!] (restricted)
  10. Jackson, Matthew O, 1991. "Bayesian Implementation," Econometrica, Econometric Society, vol. 59(2), pages 461-77, March. [Downloadable!] (restricted)
  11. Dasgupta, Partha S & Hammond, Peter J & Maskin, Eric S, 1979. "The Implementation of Social Choice Rules: Some General Results on Incentive Compatibility," Review of Economic Studies, Blackwell Publishing, vol. 46(2), pages 185-216, April. [Downloadable!] (restricted)
  12. Thomson, W., 1990. "Monotonic And Consistent Solutions To The Problem Of Fair Allocation When Preferences Are Single-Peaked," RCER Working Papers 231, University of Rochester - Center for Economic Research (RCER).
  13. Abreu, D. & Matsushima, H., 1991. "Virtual Implementation in Iteratively Undominated Strategies: Incomplete Information," Papers e-91-2, Stanford - Hoover Institution.
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  14. Hurwicz, Leonid & Walker, Mark, 1990. "On the Generic Nonoptimality of Dominant-Strategy Allocation Mechanisms: A General Theorem That Includes Pure Exchange Economies," Econometrica, Econometric Society, vol. 58(3), pages 683-704, May. [Downloadable!] (restricted)
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