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Reordering an existing queue

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  • Youngsub Chun
  • Manipushpak Mitra
  • Suresh Mutuswami

Abstract

We investigate the problem of reordering agents starting from an existing queue. First, we introduce four important axioms of the problem, budget balance (BB), outcome efficiency (OE), strategyproofness (SP), and individual rationality (IR). Unfortunately, it is easy to show that these four axioms are incompatible in the current setup. Given this negative result, we examine the consequences of relaxing BB, OE and SP, one at a time. Our results are as follows: (i) There is no mechanism satisfying OE, SP and IR which runs a nonnegative surplus at all profiles. (ii) When there are two agents, the only non-trivial mechanisms satisfying BB, SP and IR are Fixed price trading mechanisms but there are additional mechanisms when there are more than two agents. We identify an intuitive mechanism which we call the median price exchange mechanism and characterize its maximal level of inefficiency. (iii) By weakening SP to `one-sided' strategyproofness, we identify two mechanisms, the buyers' mechanism and the sellers' mech- anism, and characterize them on the basis of independence axioms.

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Bibliographic Info

Paper provided by Department of Economics, University of Leicester in its series Discussion Papers in Economics with number 13/15.

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Date of creation: Jul 2013
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Handle: RePEc:lec:leecon:13/15

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Related research

Keywords: Queueing problem with an initial order; budget balance; outcome efficiency; strateyproofness; individual rationality;

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References

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  1. Dirk Bergemann & Stephen Morris, 2003. "Robust Mechanism Design," Cowles Foundation Discussion Papers 1421R, Cowles Foundation for Research in Economics, Yale University, revised Apr 2004.
  2. Manipushpak Mitra, 2001. "Mechanism design in queueing problems," Economic Theory, Springer, vol. 17(2), pages 277-305.
  3. William Vickrey, 1961. "Counterspeculation, Auctions, And Competitive Sealed Tenders," Journal of Finance, American Finance Association, vol. 16(1), pages 8-37, 03.
  4. Barbera, Salvador & Jackson, Matthew O, 1995. "Strategy-Proof Exchange," Econometrica, Econometric Society, vol. 63(1), pages 51-87, January.
  5. Youngsub Chun & Manipushpak Mitra & Suresh Mutuswami, 2014. "Egalitarian equivalence and strategyproofness in the queueing problem," Economic Theory, Springer, vol. 56(2), pages 425-442, June.
  6. Naor, P, 1969. "The Regulation of Queue Size by Levying Tolls," Econometrica, Econometric Society, vol. 37(1), pages 15-24, January.
  7. Groves, Theodore, 1973. "Incentives in Teams," Econometrica, Econometric Society, vol. 41(4), pages 617-31, July.
  8. KAYI, Cagatay & RAMAEKERS, Eve, . "Characterizations of Pareto-efficient, fair, and strategy-proof allocation rules in queueing problems," CORE Discussion Papers RP -2179, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  9. MANIQUET, François, . "A characterization of the Shapley value in queueing problems," CORE Discussion Papers RP -1662, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  10. Youngsub Chun, 2006. "No-envy in queueing problems," Economic Theory, Springer, vol. 29(1), pages 151-162, September.
  11. Alex Gershkov & Paul Schweinzer, 2010. "When queueing is better than push and shove," International Journal of Game Theory, Springer, vol. 39(3), pages 409-430, July.
  12. Mitra, Manipushpak & Mutuswami, Suresh, 2011. "Group strategyproofness in queueing models," Games and Economic Behavior, Elsevier, vol. 72(1), pages 242-254, May.
  13. Chun, Youngsub, 2006. "A pessimistic approach to the queueing problem," Mathematical Social Sciences, Elsevier, vol. 51(2), pages 171-181, March.
  14. Curiel, I. & Pederzoli, G. & Tijs, S.H., 1989. "Sequencing games," Open Access publications from Tilburg University urn:nbn:nl:ui:12-154243, Tilburg University.
  15. Goswami, Mridu Prabal & Sen, Arunava & Mitra, Manipushpak, 2014. "Strategy-proofness and Pareto-efficiency in quasi-linear exchange economies," Theoretical Economics, Econometric Society, vol. 9(2), May.
  16. Moulin, H., 1986. "Characterizations of the pivotal mechanism," Journal of Public Economics, Elsevier, vol. 31(1), pages 53-78, October.
  17. H. Moulin, 1980. "On strategy-proofness and single peakedness," Public Choice, Springer, vol. 35(4), pages 437-455, January.
  18. Curiel, Imma & Pederzoli, Giorgio & Tijs, Stef, 1989. "Sequencing games," European Journal of Operational Research, Elsevier, vol. 40(3), pages 344-351, June.
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