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Asymptotically strategy-proof Walrasian exchange

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  • Cordoba, Jose M.
  • Hammond, Peter J.

Abstract

February 1998 In smooth exchange economies with a continuum of agents, any Walrasian mechanism is Pareto efficient, individually rational, anonymous, and strategy-proof. Barberà and Jackson's (1995) results imply that no such efficient mechanism is the limit of resource-balanced, individually rational, anonymous and non-bossy strategy-proof allocation mechanisms for an expanding sequence of finite economies. For a broad class of smooth random exchange economies, relaxing anonymity and non-bossiness admits mechanisms which, as the economy becomes infinitely large, are asymptotically Walrasian for all except one ``balancing'' agent, while being manipulable with generically vanishing probability. Also considered are some extensions to non-Walrasian mechanisms. JEL classification: D82, D61, D5 Keywords: strategy-proofness, mechanism design, random economies, Walrasian equilibrium.

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Bibliographic Info

Article provided by Elsevier in its journal Mathematical Social Sciences.

Volume (Year): 36 (1998)
Issue (Month): 3 (December)
Pages: 185-212

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Handle: RePEc:eee:matsoc:v:36:y:1998:i:3:p:185-212

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Web page: http://www.elsevier.com/locate/inca/505565

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Citations

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Cited by:
  1. Ehlers, Lars & Peters, Hans & Storcken, Ton, 2004. "Threshold strategy-proofness: on manipulability in large voting problems," Games and Economic Behavior, Elsevier, vol. 49(1), pages 103-116, October.
  2. Gary-Bobo, Robert J. & Jaaidane, Touria, 2000. "Polling mechanisms and the demand revelation problem," Journal of Public Economics, Elsevier, vol. 76(2), pages 203-238, May.
  3. Jackson, Matthew O. & Kremer, Ilan, 2003. "Envy-Freeness and Implementation in Large Economies," Working Papers 1157, California Institute of Technology, Division of the Humanities and Social Sciences.
  4. James Schummer, 1999. "Almost-dominant Strategy Implementation," Discussion Papers 1278, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  5. Jackson, Matthew O. & Kremer, Ilan, 2004. "The relationship between the allocation of goods and a seller's revenue," Journal of Mathematical Economics, Elsevier, vol. 40(3-4), pages 371-392, June.
  6. Schummer, James, 2004. "Almost-dominant strategy implementation: exchange economies," Games and Economic Behavior, Elsevier, vol. 48(1), pages 154-170, July.
  7. Salvador Barberà, 2010. "Strategy-proof social choice," UFAE and IAE Working Papers 828.10, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
  8. Kovalenkov, Alexander, 2002. "Simple Strategy-Proof Approximately Walrasian Mechanisms," Journal of Economic Theory, Elsevier, vol. 103(2), pages 475-487, April.

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