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Pseudomarkets with Priorities in Large Random Assignment Economies

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  • Antonio Miralles
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    Abstract

    I study large random assignment economies with a continuum of agents and a …finite number of object types. I consider the existence of weak priorities discriminating among agents with respect to their rights concerning the …final assignment. The respect for priorities ex ante (ex-ante stability) usually precludes ex-ante envy-freeness. Therefore I defi…ne a new concept of fairness, called no unjustifi…ed lower chances: priorities with respect to one object type cannot justify different achievable chances regarding another object type. This concept, which applies to the assignment mechanism rather than to the assignment itself, implies ex-ante envy-freeness among agents of the same priority type. I propose a variation of Hylland and Zeckhauser's (1979) pseudomarket that meets ex-ante stability, no unjustifi…ed lower chances and ex-ante efficiency among agents of the same priority type. Assuming enough richness in preferences and priorities, the converse is also true: any random assignment with these properties could be achieved through an equilibrium in a pseudomarket with priorities. If priorities are acyclical (the ordering of agents is the same for each object type), this pseudomarket achieves ex-ante efficient random assignments.

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    Bibliographic Info

    Paper provided by Barcelona Graduate School of Economics in its series Working Papers with number 537.

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    Date of creation: Mar 2011
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    Handle: RePEc:bge:wpaper:537

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    Related research

    Keywords: Random Assignment; Fairness; Stability; School Choice;

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    References

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    1. 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.
    2. Parag A. Pathak & Tayfun Sonmez, 2008. "Leveling the Playing Field: Sincere and Sophisticated Players in the Boston Mechanism," American Economic Review, American Economic Association, vol. 98(4), pages 1636-52, September.
    3. Atila Abdulkadiroglu & Tayfun Sönmez, 2003. "School Choice: A Mechanism Design Approach," American Economic Review, American Economic Association, vol. 93(3), pages 729-747, June.
    4. Atila Abdulkadiroğlu & Yeon-Koo Che & Yosuke Yasuda, 2010. "Expanding “Choice” in School Choice," Levine's Working Paper Archive 661465000000000062, David K. Levine.
    5. Ergin, Haluk & Sonmez, Tayfun, 2006. "Games of school choice under the Boston mechanism," Journal of Public Economics, Elsevier, vol. 90(1-2), pages 215-237, January.
    6. Lin Zhou, 1991. "Strictly Fair Allocations in Large Exchange Economies," Cowles Foundation Discussion Papers 972, Cowles Foundation for Research in Economics, Yale University.
    7. William Thomson, 2007. "Fair Allocation Rules," RCER Working Papers 539, University of Rochester - Center for Economic Research (RCER).
    8. Onur Kesten & M. Utku Ünver, 2010. "A Theory of School-Choice Lotteries," Boston College Working Papers in Economics 737, Boston College Department of Economics, revised 29 Jun 2012.
    9. Varian, Hal R., 1976. "Two problems in the theory of fairness," Journal of Public Economics, Elsevier, vol. 5(3-4), pages 249-260.
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