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Limitation of Efficiency: Strategy-Proofness and Single-Peaked Preferences with Many Commodities

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  • Sasaki, Hiroo

    (Rice U and Waseda U)

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    Abstract

    In this paper, we study a resource allocation problem of economies with many commodities and single-peaked preferences. It is known that the uniform rule is the unique allocation mechanism satisfying strategy-proofness, Pareto efficiency and anonymity, if the number of good is only one and preferences are single peaked. (Sprumont [7].) However, if the number of goods is greater than one, the situation drastically changes and a tradeoff between efficiency and strategy-proofness arises. The generalized uniform rule in multiple-commodity settings is still strategy-proof, but not Pareto efficient in general. In this paper, we show that in a class of all strategy-proof mechanisms the generalized uniform rule is a "second best" strategy-proof mechanism in that there is no other strategy-proof mechanism which gives a "better" outcome than the generalized uniform rule in terms of Pareto domination.

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    Bibliographic Info

    Paper provided by Rice University, Department of Economics in its series Working Papers with number 2003-01.

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    Date of creation: Feb 2003
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    Handle: RePEc:ecl:riceco:2003-01

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    1. Shigehiro Serizawa & John A. Weymark, 2002. "Efficient Strategy-Proof Exchange and Minimum Consumption Guarantees," Vanderbilt University Department of Economics Working Papers 0216, Vanderbilt University Department of Economics, revised Aug 2002.
    2. Lin Zhou, 1990. "Inefficiency of Strategy-Proof Allocation Mechanisms in Pure Exchange Economies," Cowles Foundation Discussion Papers 954, Cowles Foundation for Research in Economics, Yale University.
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    Cited by:
    1. Adachi, Tsuyoshi, 2010. "The uniform rule with several commodities: A generalization of Sprumont's characterization," Journal of Mathematical Economics, Elsevier, vol. 46(6), pages 952-964, November.

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