AbstractThis paper studies resource-allocation mechanisms by using a reduced-form notion of mechanism. We formulate a mechanism by specifying the state space of the mechanism, the set of outcomes that agents can induce in a given state, and the set of admissible outcomes in each state. This notion of mechanism includes the Walrasian mechanism and majority voting as well as all game forms. With this notion, monotonicity is not only necessary but sufficient for a social choice correspondence to be implementable. Our main result is that in the context of exchange economies, if a mechanism implements a sub-correspondence of the Pareto correspondence and satisfies localness (one's "budget set" in a given state is independent of other agents' endowments), then the mechanism necessarily implements a sub-correspondence of the core correspondence. If the mechanism also satisfies anonymity, then it actually implements a sub-correspondence of the Walrasian equilibrium correspondence.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by Columbia University, Department of Economics in its series Discussion Papers with number 0203-09.
Length: 39 pages
Date of creation: 2002
Date of revision:
Contact details of provider:
Postal: 1022 International Affairs Building, 420 West 118th Street, New York, NY 10027
Phone: (212) 854-3680
Fax: (212) 854-8059
Web page: http://www.econ.columbia.edu/
More information through EDIRC
You can help add them by filling out this form.
reading list or among the top items on IDEAS.Access and download statisticsgeneral information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Discussion Paper Coordinator).
If references are entirely missing, you can add them using this form.