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Asymptotic ordinal inefficiency of random serial dictatorship

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  • Manea, Mihai

    ()
    (Department of Economics, Harvard University)

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    Abstract

    We establish that the fraction of preference profiles for which the random serial dictatorship allocation is ordinally efficient vanishes for allocation problems with many object types. We consider also a probabilistic setting where in expectation agents have moderately similar preferences reflecting varying popularity across objects. In this setting we show that the probability that the random serial dictatorship mechanism is ordinally efficient converges to zero as the number of object types becomes large. We provide results with similarly negative content for allocation problems with many objects of each type. One corollary is that ordinal efficiency is a strict refinement of ex-post efficiency at most preference profiles.

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    File URL: http://econtheory.org/ojs/index.php/te/article/viewFile/20090165/2517/129
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    Bibliographic Info

    Article provided by Econometric Society in its journal Theoretical Economics.

    Volume (Year): 4 (2009)
    Issue (Month): 2 (June)
    Pages:

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    Handle: RePEc:the:publsh:442

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    Web page: http://econtheory.org

    Related research

    Keywords: Allocation problem; ex-post efficiency; ordinal efficiency; probabilistic serial; random serial dictatorship;

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    Cited by:
    1. HOUGAARD, Jens L. & moreno-ternero, JUAN D. & OSTERDAL, Lars P., 2013. "Assigning agents to a line," CORE Discussion Papers 2013015, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    2. Carroll, Gabriel, 2010. "An efficiency theorem for incompletely known preferences," Journal of Economic Theory, Elsevier, vol. 145(6), pages 2463-2470, November.
    3. Fuhito Kojima & M. Ünver, 2014. "The “Boston” school-choice mechanism: an axiomatic approach," Economic Theory, Springer, vol. 55(3), pages 515-544, April.
    4. John William Hatfield & Fuhito Kojima & Yusuke Narita, 2012. "Promoting School Competition Through School Choice: A Market Design Approach," Discussion Papers 12-036, Stanford Institute for Economic Policy Research.
    5. Kojima, Fuhito & Manea, Mihai, 2010. "Incentives in the probabilistic serial mechanism," Journal of Economic Theory, Elsevier, vol. 145(1), pages 106-123, January.
    6. Fuhito Kojima & M. Utku Ünver, 2010. "The 'Boston' School-Choice Mechanism," Boston College Working Papers in Economics 729, Boston College Department of Economics, revised 08 Oct 2010.
    7. Kojima, Fuhito, 2013. "Efficient resource allocation under multi-unit demand," Games and Economic Behavior, Elsevier, vol. 82(C), pages 1-14.
    8. Athanassoglou, Stergios, 2011. "Efficiency under a combination of ordinal and cardinal information on preferences," Journal of Mathematical Economics, Elsevier, vol. 47(2), pages 180-185, March.

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