Asymptotic ordinal inefficiency of random serial dictatorship
AbstractWe 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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Bibliographic InfoArticle provided by Econometric Society in its journal Theoretical Economics.
Volume (Year): 4 (2009)
Issue (Month): 2 (June)
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Web page: http://econtheory.org
Allocation problem; ex-post efficiency; ordinal efficiency; probabilistic serial; random serial dictatorship;
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- D6 - Microeconomics - - Welfare Economics
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- 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.
- 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.
- Kojima, Fuhito & Manea, Mihai, 2010. "Incentives in the probabilistic serial mechanism," Journal of Economic Theory, Elsevier, vol. 145(1), pages 106-123, January.
- Carroll, Gabriel, 2010. "An efficiency theorem for incompletely known preferences," Journal of Economic Theory, Elsevier, vol. 145(6), pages 2463-2470, November.
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