Contingent commodities and implementation
AbstractIn this note we study the relevance of using contingent commodity allocations when 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. Using only very mild assumptions on the rule for selecting contingent commodity allocations, we derive a strong negative result which 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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Contingent commodities; Implementation; Single-crossing;
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- D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
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Open Access publications from Universidad Carlos III de Madrid
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