Welfare Bounds in a Growing Population
AbstractWe study the allocation of collectively owned indivisible goods when monetary transfers are possible. We restrict our attention to incentive compatible mechanisms which allocate the goods efficiently. Among these mechanisms, we characterize those that respect welfare lower bounds. The main characterization involves the identical-preferences lower-bound: each agent should be at least as well off as in an hypothetical economy where all agents have the same preference as hers, no agent envies another, and the budget is balanced. This welfare lower-bound grants agents equal rights/responsibilities over the jointly owned resources but insures agents against the heterogeneity in preferences. We also study the implications of imposing variable population axioms together with welfare bounds.
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Bibliographic InfoPaper provided by University of Adelaide, School of Economics in its series School of Economics Working Papers with number 2010-05.
Length: 29 pages
Date of creation: May 2010
Date of revision:
collective ownership; allocation of indivisible goods and money; NIMBY problems; imposition of tasks; the Groves mechanisms; the identical-preferences lower-bound; individual rationality; the stand-alone lower-bound; k-fairness; population monotonicity;
Find related papers by JEL classification:
- C79 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Other
- D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis
- D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
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- Duygu Yengin, 2012.
"Egalitarian-equivalent Groves mechanisms in the allocation of heterogenous objects,"
Social Choice and Welfare,
Springer, vol. 38(1), pages 137-160, January.
- Duygu Yengin, 2010. "Egalitarian-equivalent Groves Mechanisms in the Allocation of Heterogeneous Objects," School of Economics Working Papers 2010-29, University of Adelaide, School of Economics.
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