Strategy-proofness versus efficiency in exchange economies: General domain properties and applications
AbstractWe identify general domain properties that induce the non-existence of efficient, strategy-proof, and non-dictatorial rules in the 2-agent exchange economy. Applying these properties, we establish impossibility results in several restricted domains; for example, the intertemporal exchange problem (without saving technology) with preferences represented by the discounted sum of a temporal utility function, the “risk sharing problem” with risk averse expected utility preferences, the CES-preference domain, etc. None of the earlier studies applies to these examples. Copyright Springer-Verlag 2003
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Bibliographic InfoArticle provided by Springer in its journal Social Choice and Welfare.
Volume (Year): 21 (2003)
Issue (Month): 1 (08)
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Web page: http://link.springer.de/link/service/journals/00355/index.htm
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- Goswami, Mridu Prabal & Sen, Arunava & Mitra, Manipushpak, 2014. "Strategy-proofness and Pareto-efficiency in quasi-linear exchange economies," Theoretical Economics, Econometric Society, vol. 9(2), May.
- Takeshi Momi, 2013. "Note on social choice allocation in exchange economies with Cobb–Douglas preferences," Social Choice and Welfare, Springer, vol. 40(3), pages 787-792, March.
- Shin, Sungwhee & Suh, Sang-Chul, 2007. "Non-Manipulability vs. Individual Rationality in a permit sharing problem," Economics Letters, Elsevier, vol. 96(1), pages 103-108, July.
- Leroux, Justin, 2004. "Strategy-proofness and efficiency are incompatible in production economies," Economics Letters, Elsevier, vol. 85(3), pages 335-340, December.
- Jin Li & Jingyi Xue, 2013. "Egalitarian division under Leontief Preferences," Economic Theory, Springer, vol. 54(3), pages 597-622, November.
- Momi, Takeshi, 2013. "Note on social choice allocation in exchange economies with many agents," Journal of Economic Theory, Elsevier, vol. 148(3), pages 1237-1254.
- Ju, Biung-Ghi, 2005. "Strategy-proof risk sharing," Games and Economic Behavior, Elsevier, vol. 50(2), pages 225-254, February.
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