Efficient strategy-proof exchange and minimum consumption guarantees
AbstractFor exchange economies with classical economic preferences, it is shown that any strategy-proof social choice function that selects Pareto optimal outcomes cannot guarantee everyone a consumption bundle bounded away from the origin. This result demonstrates that there is a fundamental conflict between efficiency and distributional goals in exchange economies if the social choice rule is required to be strategy-proof.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Bibliographic InfoArticle provided by Elsevier in its journal Journal of Economic Theory.
Volume (Year): 109 (2003)
Issue (Month): 2 (April)
Contact details of provider:
Web page: http://www.elsevier.com/locate/inca/622869
Other versions of this item:
- Shigehiro Serizawa & John A. Weymark, 2002. "Efficient Strategy-Proof Exchange and Minimum Consumption Guarantees," Vanderbilt University Department of Economics Working Papers 0216, Vanderbilt University Department of Economics, revised Aug 2002.
- D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations
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.:
- James Schummer, 1996. "Strategy-proofness versus efficiency on restricted domains of exchange economies," Social Choice and Welfare, Springer, vol. 14(1), pages 47-56.
- Mark A. Satterthwaite, 2001. "Strategy-proofness and markets," Social Choice and Welfare, Springer, vol. 18(1), pages 37-58.
- Kannai, Yakar, 1970. "Continuity Properties of the Core of a Market," Econometrica, Econometric Society, vol. 38(6), pages 791-815, November.
- Eric Maskin, 1998.
"Nash Equilibrium and Welfare Optimality,"
Harvard Institute of Economic Research Working Papers
1829, Harvard - Institute of Economic Research.
- 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, Wiley Blackwell, vol. 46(2), pages 185-216, April.
- 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.
- Moulin, Herve & Thomson, William, 1988. "Can everyone benefit from growth? : Two difficulties," Journal of Mathematical Economics, Elsevier, vol. 17(4), pages 339-345, September.
- 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.
- Lin Zhou, 1990. "Inefficiency of Strategy-Proof Allocation Mechanisms in Pure Exchange Economies," Cowles Foundation Discussion Papers 954, Cowles Foundation for Research in Economics, Yale University.
- Salvador Barbera & Matthew O. Jackson, 1993.
1021, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Muller, Eitan & Satterthwaite, Mark A., 1977. "The equivalence of strong positive association and strategy-proofness," Journal of Economic Theory, Elsevier, vol. 14(2), pages 412-418, April.
- Satterthwaite, Mark A & Sonnenschein, Hugo, 1981. "Strategy-Proof Allocation Mechanisms at Differentiable Points," Review of Economic Studies, Wiley Blackwell, vol. 48(4), pages 587-97, October.
- Serizawa, Shigehiro, 2002. "Inefficiency of Strategy-Proof Rules for Pure Exchange Economies," Journal of Economic Theory, Elsevier, vol. 106(2), pages 219-241, October.
- Salvador Barberà, 2010.
"Strategy-proof social choice,"
420, Barcelona Graduate School of Economics.
- MacKenzie, Ian A. & Ohndorf, Markus, 2013.
"Restricted Coasean bargaining,"
Journal of Public Economics,
Elsevier, vol. 97(C), pages 296-307.
- Dutta, Bhaskar & Sen, Arunava, 2012.
"Nash implementation with partially honest individuals,"
Games and Economic Behavior,
Elsevier, vol. 74(1), pages 154-169.
- Dutta, Bhaskar & Sen, Arunava, 2009. "Nash Implementation with Partially Honest Individuals," The Warwick Economics Research Paper Series (TWERPS) 920, University of Warwick, Department of Economics.
- Wonki Jo Cho, 2013. "Impossibility Results for Parametrized Notions of Efficiency and Strategyproofness in Exchange Economies," The School of Economics Discussion Paper Series 1314, Economics, The University of Manchester.
- Jin Li & Jingyi Xue, 2013. "Egalitarian division under Leontief Preferences," Economic Theory, Springer, vol. 54(3), pages 597-622, November.
- Momi, Takeshi, 2013. "Note on social choice allocation in exchange economies with many agents," Journal of Economic Theory, Elsevier, vol. 148(3), pages 1237-1254.
- Ando, Kazutoshi & Kato, Miki & Ohseto, Shinji, 2008. "Strategy-proof and symmetric allocation of an indivisible good," Mathematical Social Sciences, Elsevier, vol. 55(1), pages 14-23, January.
- Hidekazu Anno & Hiroo Sasaki, 2013. "Second-best efficiency of allocation rules: strategy-proofness and single-peaked preferences with multiple commodities," Economic Theory, Springer, vol. 54(3), pages 693-716, November.
- Shigehiro Serizawa, 2006.
"Pairwise Strategy-Proofness and Self-Enforcing Manipulation,"
Social Choice and Welfare,
Springer, vol. 26(2), pages 305-331, April.
- Shigehiro Serizawa, 2005. "Pairwise Strategy-Proofness and Self-Enforcing Manipulation," ISER Discussion Paper 0629, Institute of Social and Economic Research, Osaka University.
- Luis C. Corchon, 2007. "The theory of implementation : what did we learn?," Economics Working Papers we081207, Universidad Carlos III, Departamento de Economía.
- Sasaki, Hiroo, 2003. "Limitation of Efficiency: Strategy-Proofness and Single-Peaked Preferences with Many Commodities," Working Papers 2003-01, Rice University, Department of Economics.
- BOSSERT, Walter & WEYMARK, J.A., 2006.
"Social Choice: Recent Developments,"
Cahiers de recherche
2006-01, Universite de Montreal, Departement de sciences economiques.
- Walter Bossert & John A. Weymark, 2006. "Social Choice: Recent Developments," Vanderbilt University Department of Economics Working Papers 0603, Vanderbilt University Department of Economics.
- BOSSERT, Walter & WEYMARK, J.A., 2006. "Social Choice: Recent Developments," Cahiers de recherche 01-2006, Centre interuniversitaire de recherche en économie quantitative, CIREQ.
- Biung-Ghi Ju, 2003.
"Strategy-Proof Risk Sharing,"
WORKING PAPERS SERIES IN THEORETICAL AND APPLIED ECONOMICS
200305, University of Kansas, Department of Economics, revised Apr 2003.
- Kazuhiko Hashimoto, 2008. "Strategy-proofness versus efficiency on the Cobb-Douglas domain of exchange economies," Social Choice and Welfare, Springer, vol. 31(3), pages 457-473, October.
- Peck, James & Spear, Stephen E., 2003. "Introduction to a Festschrift for Karl Shell," Journal of Economic Theory, Elsevier, vol. 109(2), pages 153-155, April.
- Ju, Biung-Ghi, 2004. "Continuous selections from the Pareto correspondence and non-manipulability in exchange economies," Journal of Mathematical Economics, Elsevier, vol. 40(5), pages 573-592, August.
- Schummer, James, 2004. "Almost-dominant strategy implementation: exchange economies," Games and Economic Behavior, Elsevier, vol. 48(1), pages 154-170, July.
- Luis Corchón & José Rueda-Llano, 2008. "Differentiable strategy-proof mechanisms for private and public goods in domains that are not necessarily large or quasi-linear," Review of Economic Design, Springer, vol. 12(4), pages 279-291, December.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Zhang, Lei).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.