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Contingent Commodities and Implementation

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Author Info
Chattopadhyay, Subir, Luis C. Corchon, and Jörg Naeve

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Abstract

In this note we consider the problem whether contingent commodity allocations can be used when the states are not directly contractible. In such a setting a contingent commodity allocation takes the form of a social choice function, and the question is whether this function is implementable (in the sense of full implementation). Using only very mild assumptions on the rule for selecting contingent commodity allocations, we derive a strong negative result which also proves to be robust with respect to different solution concepts employed for implementation. These findings have interesting implications for the interpretation of Arrow-Debreu economies.

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File URL: ftp://web.bgse.uni-bonn.de/pub/RePEc/bon/bonsfa/bonsfa572.pdf
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Publisher Info
Paper provided by University of Bonn, Germany in its series Discussion Paper Serie A with number 572.

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Date of creation: Apr 1998
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Handle: RePEc:bon:bonsfa:572

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Postal: Bonn Graduate School of Economics, University of Bonn, Adenauerallee 24 - 26, 53113 Bonn, Germany
Fax: +49 228 73 9221
Web page: http://www.bgse.uni-bonn.de/index.php?id=517

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Related research
Keywords: Contingent Commodities Implementation Single-Crossing

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Find related papers by JEL classification:
D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Maskin, Eric, 1999. "Nash Equilibrium and Welfare Optimality," Review of Economic Studies, Blackwell Publishing, vol. 66(1), pages 23-38, January. [Downloadable!] (restricted)
    Other versions:
  2. Matsushima, Hitoshi, 1988. "A new approach to the implementation problem," Journal of Economic Theory, Elsevier, vol. 45(1), pages 128-144, June. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Luis C. Corchon, 2007. "The theory of implementation : what did we learn?," Economics Working Papers we081207, Universidad Carlos III, Departamento de Economía. [Downloadable!]
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This page was last updated on 2008-7-21.

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