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Toward general impossibility theorems in pure exchange economies

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Author Info
Miki Kato (Department of Social Welfare, Tokyo Metropolitan University, Hachioji, Tokyo 192-0397, Japan)
Shinji Ohseto () (Faculty of Economics, Tokyo Metropolitan University, Hachioji, Tokyo 192-0397, Japan)
Abstract

We study the possibility of strategy-proof and efficient mechanisms in pure exchange economies. In his remarkable paper, Zhou (1991) establishes an elegant impossibility result: there is no strategy-proof, efficient, and non-dictatorial mechanism in the two-agent case. He conjectures that there is no strategy-proof, efficient, and "non-inversely-dictatorial" mechanism in the case of three or more agents. However, we discover some counterexamples to his conjecture in the case of four or more agents. We present a new interesting open question: Is there any strategy-proof, efficient, and "non-alternately-dictatorial" mechanism?

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Article provided by Springer in its journal Social Choice and Welfare.

Volume (Year): 19 (2002)
Issue (Month): 3 ()
Pages: 659-664
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Handle: RePEc:spr:sochwe:v:19:y:2002:i:3:p:659-664

Note: Received: 17 October 2000/Accepted: 20 April 2001
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  1. Leroux, Jistin, 2004. "Strategy-Proofness and Efficiency Are Incompatible in Production Economies," Working Papers 2004-07, Rice University, Department of Economics. [Downloadable!]
  2. 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. [Downloadable!] (restricted)
  3. Hideki Mizukami & Tatsuyoshi Saijo & Takuma Wakayama, 2003. "Strategy-proof Sharing," Discussion papers 03017, Research Institute of Economy, Trade and Industry (RIETI). [Downloadable!]
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