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The Demand Revealing Process: To Distribute the Surplus

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  • Bailey, Martin J
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    Abstract

    Contrary to the established, frequently repeated proposition that its budget surplus cannot be distributed to taxpayers without disturbing the incentive compatibility of the demand-revealing process (DRP), the surplus can be distributed by reapplying the key concept of the DRP. There will remain an aggregate refund error that in a Bayesian sense is random with zero mean, and which vanishes O(1/N)-square as the economy becomes large through replication. To deal with income effects, when one does not restrict the domain of the mechanism to separable utility functions, the author suggests a variation of the DRP that preserves its incentive compatibility when N is finite. Copyright 1997 by Kluwer Academic Publishers

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    Bibliographic Info

    Article provided by Springer in its journal Public Choice.

    Volume (Year): 91 (1997)
    Issue (Month): 2 (April)
    Pages: 107-26

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    Handle: RePEc:kap:pubcho:v:91:y:1997:i:2:p:107-26

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    Web page: http://www.springerlink.com/link.asp?id=100332

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    Cited by:
    1. SPRUMONT, Yves, 2011. "Constrained-optimal strategy-proof assignment: beyond the Groves mechanisms," Cahiers de recherche 2011-09, Universite de Montreal, Departement de sciences economiques.
    2. Pivato, Marcus, 2011. "A fair pivotal mechanism for nonpecuniary public goods," MPRA Paper 34525, University Library of Munich, Germany.
    3. Geoffroy de Clippel & Louis Putterman & Victor Naroditskiy & Maria Polukarov & Amy Greenwald & Nicholas R. Jennings, 2012. "Destroy to Save," Working Papers 2012-9, Brown University, Department of Economics.
    4. McKitrick, Ross & Collinge, Robert A., 2002. "The Existence and Uniqueness of Optimal Pollution Policy in the Presence of Victim Defense Measures," Journal of Environmental Economics and Management, Elsevier, vol. 44(1), pages 106-122, July.
    5. Athanasiou, Efthymios, 2013. "A Solomonic solution to the problem of assigning a private indivisible good," Games and Economic Behavior, Elsevier, vol. 82(C), pages 369-387.
    6. Guo, Mingyu & Conitzer, Vincent, 2009. "Worst-case optimal redistribution of VCG payments in multi-unit auctions," Games and Economic Behavior, Elsevier, vol. 67(1), pages 69-98, September.
    7. Efthymios Athanasiou & Santanu Dey & Giacomo Valleta, 2012. "On Sharing the Benefits of Communication," Working Papers 2012.41, Fondazione Eni Enrico Mattei.
    8. Athanasiou Efthymios & Dey Santanu & Valletta Giacomo, 2012. "On Sharing the Benefits of Communication," Research Memorandum 016, Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR).

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