Note on social choice allocation in exchange economies with many agents
AbstractWe show that in pure exchange economies there exists no Pareto-efficient and strategy-proof allocation mechanism that ensures positive consumption for all agents. We also show that a Pareto-efficient, strategy-proof, and non-bossy allocation mechanism is dictatorial. We further show that in three-agent economies, the allocation given by a Pareto-efficient, strategy-proof, and non-dictatorial mechanism depends only on one agentʼs preference who is always allocated zero consumption. That is, in three-agent economies, Zhouʼs (1991)  conjecture is true and any Pareto-efficient and strategy-proof mechanism is of Satterthwaite and Sonnenscheinʼs (1981)  type.
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Bibliographic InfoArticle provided by Elsevier in its journal Journal of Economic Theory.
Volume (Year): 148 (2013)
Issue (Month): 3 ()
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Web page: http://www.elsevier.com/locate/inca/622869
Social choice; Strategy-proofness; Pareto-efficiency; Exchange economy;
Find related papers by JEL classification:
- D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations
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