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Two axiomatic approaches to the probabilistic serial mechanism

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Author Info

  • Ãœnver, M. Utku

    () (Department of Economics, Boston College)

  • Kesten, Onur

    () (Tepper Business School, Carnegie Mellon University)

  • Kurino, Morimitsu

    () (WZB (Social Science Research Center Berlin))

  • Hashimoto, Tadashi

    () (Graduate School of Business, Stanford University)

  • Hirata, Daisuke

    () (Department of Economics, Harvard University)

Abstract

This paper studies the problem of assigning a set of indivisible objects to a set of agents when monetary transfers are not allowed and agents reveal only ordinal preferences, but random assignments are possible. We offer two characterizations of the probabilistic serial mechanism, which assigns lotteries over objects. We show that it is the only mechanism satisfying non-wastefulness and ordinal fairness and the only mechanism satisfying sd-efficiency, sd-envy-freeness, and weak invariance or weak truncation robustness (where “sd†stands for first-order stochastic dominance).

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Bibliographic Info

Article provided by Econometric Society in its journal Theoretical Economics.

Volume (Year): (Forthcoming)
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Handle: RePEc:the:publsh:1010

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Web page: http://econtheory.org

Related research

Keywords: Random assignment; probabilistic serial; ordinal fairness; sd-efficiency; sd-envy-freeness;

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  1. Kojima, Fuhito & Manea, Mihai, 2010. "Incentives in the probabilistic serial mechanism," Journal of Economic Theory, Elsevier, vol. 145(1), pages 106-123, January.
  2. Szilvia Papai, 2000. "Strategyproof Assignment by Hierarchical Exchange," Econometrica, Econometric Society, vol. 68(6), pages 1403-1434, November.
  3. Stergios Athanassoglou & Jay Sethuraman, 2011. "House allocation with fractional endowments," International Journal of Game Theory, Springer, vol. 40(3), pages 481-513, August.
  4. Chambers, Christopher P., 2004. "Consistency in the probabilistic assignment model," Journal of Mathematical Economics, Elsevier, vol. 40(8), pages 953-962, December.
  5. Parag A. Pathak & Jay Sethuraman, 2010. "Lotteries in Student Assignment: An Equivalence Result," NBER Working Papers 16140, National Bureau of Economic Research, Inc.
  6. Bogomolnaia, Anna & Moulin, Herve, 2001. "A New Solution to the Random Assignment Problem," Journal of Economic Theory, Elsevier, vol. 100(2), pages 295-328, October.
  7. Katta, Akshay-Kumar & Sethuraman, Jay, 2006. "A solution to the random assignment problem on the full preference domain," Journal of Economic Theory, Elsevier, vol. 131(1), pages 231-250, November.
  8. Aytek Erdil & Haluk Ergin, 2007. "What`s the Matter with Tie-breaking? Improving Efficiency in School Choice," Economics Series Working Papers 349, University of Oxford, Department of Economics.
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