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A Unique Informationally Efficient Allocation Mechanism In Economies With Consumption Externalities

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  • Guoqiang Tian

Abstract

This article investigates the informational requirements of resource allocation processes in pure exchange economies with consumption externalities. It is shown that the distributive Lindahl mechanism has a minimal informational size of the message space, and thus it is informationally the most efficient allocation process that is informationally decentralized and realizes Pareto-efficient allocations over the class of economies that include nonmalevolent economies. Furthermore, it is shown that the distributive Lindahl mechanism is the unique informationally efficient decentralized mechanism that realizes Pareto-efficient and individually rational allocations over a certain class of nonmalevolent economies. Copyright 2004 by the Economics Department Of The University Of Pennsylvania And Osaka University Institute Of Social And Economic Research Association.

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Bibliographic Info

Article provided by Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association in its journal International Economic Review.

Volume (Year): 45 (2004)
Issue (Month): 1 (02)
Pages: 79-111

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Handle: RePEc:ier:iecrev:v:45:y:2004:i:1:p:79-111

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Cited by:
  1. Segal, Ilya, 2007. "The communication requirements of social choice rules and supporting budget sets," Journal of Economic Theory, Elsevier, vol. 136(1), pages 341-378, September.
  2. Tian, Guoqiang & Meng, Dawen, 2011. "Multi-task Incentive Contract and Performance Measurement with Multidimensional Types," MPRA Paper 41152, University Library of Munich, Germany.
  3. Emanuela Randon & Peter Simmons, 2007. "Correcting Market Failure Due to Interdependent Preferences: When Is Piecemeal Policy Possible?," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 9(5), pages 831-866, October.
  4. Ilya Segal, 2004. "The Communication Requirements of of Social Choice Rules and Supporting Budget Sets," Economics Working Papers 0039, Institute for Advanced Study, School of Social Science.
  5. Guoqiang Tian & Liyan Yang, 2009. "Theory of negative consumption externalities with applications to the economics of happiness," Economic Theory, Springer, vol. 39(3), pages 399-424, June.

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