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Strategy-proofness and Pareto-efficiency in quasi-linear exchange economies

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  • Goswami, Mridu Prabal

    ()
    (Indian Statistical Institute, New Delhi)

  • Sen, Arunava

    ()
    (Indian Statistical Institute, New Delhi)

  • Mitra, Manipushpak

    ()
    (Indian Statistical Institute, Kolkata)

Abstract

In this paper, we revisit a long-standing question on the structure of strategy-proof and Pareto-efficient social choice functions (SCFs) in classical exchange economies (Hurwicz (1972)). Using techniques developed by Myerson in the context of auction-design, we show that in a specific quasi-linear domain, every Pareto-efficient and strategy-proof SCF satisfying non-bossiness and a mild continuity property is dictatorial. The result holds for an arbitrary number of agents but the two-person version does not require either the non-bossiness or continuity assumptions. It also follows that the dictatorship conclusion holds on any superset of this domain. We also provide a minimum consumption guarantee result in the spirit of Serizawa and Weymark (2003).

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Bibliographic Info

Article provided by Econometric Society in its journal Theoretical Economics.

Volume (Year): 9 (2014)
Issue (Month): 2 (May)
Pages:

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Handle: RePEc:the:publsh:1214

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Web page: http://econtheory.org

Related research

Keywords: Exchange economies; strategy-proofness; Pareto-efficiency; dictatorship;

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References

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  1. James Schummer, 1996. "Strategy-proofness versus efficiency on restricted domains of exchange economies," Social Choice and Welfare, Springer, vol. 14(1), pages 47-56.
  2. Alejandro Saporiti, 2008. "Strategy-Proofness and Single-Crossing," Wallis Working Papers WP55, University of Rochester - Wallis Institute of Political Economy.
  3. Serizawa, Shigehiro, 2002. "Inefficiency of Strategy-Proof Rules for Pure Exchange Economies," Journal of Economic Theory, Elsevier, vol. 106(2), pages 219-241, October.
  4. Satterthwaite, Mark Allen, 1975. "Strategy-proofness and Arrow's conditions: Existence and correspondence theorems for voting procedures and social welfare functions," Journal of Economic Theory, Elsevier, vol. 10(2), pages 187-217, April.
  5. Biung-Ghi Ju, 2003. "Strategy-proofness versus efficiency in exchange economies: General domain properties and applications," Social Choice and Welfare, Springer, vol. 21(1), pages 73-93, 08.
  6. 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.
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Cited by:
  1. Youngsub Chun & Manipushpak Mitra & Suresh Mutuswami, 2013. "Reordering an existing queue," Discussion Papers in Economics 13/15, Department of Economics, University of Leicester.
  2. Mridu Prabal Goswami, 2013. "Non Fixed-Price Trading Rules In Single-Crossing Classical Exchange Economies," Working Papers 1311, Ben-Gurion University of the Negev, Department of Economics.
  3. Erlanson, Albin & Szwagrzak, Karol, 2013. "Strategy-Proof Package Assignment," Working Papers 2013:43, Lund University, Department of Economics.

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