Additional information is available for the following registered author(s):

• Peter J Hammond

By definition, multilaterally strategy-proof mechanisms are immune to manipulation not only by individuals misrepresenting their preferences, but also by finite coalitions exchanging tradeable goods on the side. Continuum economies are defined in which both agents' identifiers and their privately known characteristics are joint i.i.d. random variables. For such economies, conditions are given for multilateral strategy-proofness to imply decentralization by a budget constraint with linear prices for tradeable goods and lump-sum transfers independent of individual characteristics. Also, adapting Aumann's (Econometrica, 1964) key proof avoids using Lyapunov's theorem or its corollary, Richter's theorem on integrating a correspondence w.r.t. a non-atomic measure.

Journal of Economic Literature classifications: D50, D82.

Keywords: Continuum economies, strategy-proofness, core equivalence.

Download Info

To download:

If you experience problems downloading a file, check if you have the proper application to view it first. Information about this may be contained in the File-Format links below. 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.

Publisher Info

Paper provided by Stanford University, Department of Economics in its series Working Papers with number 97022.

Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Length:
Date of creation:
Date of revision:
Handle: RePEc:wop:stanec:97022

Contact details of provider:
Postal: Ralph Landau Economics Building, Stanford, CA 94305-6072
Phone: (650)-725-3266
Fax: (650)-725-5702
Email:
Web page: http://www-econ.stanford.edu/econ/workp/
More information through EDIRC

For technical questions regarding this item, or to correct its listing, contact: (Thomas Krichel).

Related research

Keywords: Continuum economies; strategy-proofness; core equivalence;

Find related papers by JEL classification:
D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information

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. Hammond, Peter J, 1979. "Straightforward Individual Incentive Compatibility in Large Economies," Review of Economic Studies, Blackwell Publishing, vol. 46(2), pages 263-82, April. [Downloadable!] (restricted)
2. Haubrich, Joseph G. & King, Robert G., 1990. "Banking and insurance," Journal of Monetary Economics, Elsevier, vol. 26(3), pages 361-386, December. [Downloadable!] (restricted)
   Other versions:
   • Joseph G. Haubrich & Robert G. King, 1984. "Banking and Insurance," NBER Working Papers 1312, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
3. Yamazaki, Akira, 1978. "An Equilibrium Existence Theorem without Convexity Assumptions," Econometrica, Econometric Society, vol. 46(3), pages 541-55, May. [Downloadable!] (restricted)
4. Mas-Colell, Andreu, 1989. "An equivalence theorem for a bargaining set," Journal of Mathematical Economics, Elsevier, vol. 18(2), pages 129-139, April. [Downloadable!] (restricted)
5. Kaneko, Mamoru & Wooders, Myrna Holtz, 1986. "The core of a game with a continuum of players and finite coalitions: The model and some results," Mathematical Social Sciences, Elsevier, vol. 12(2), pages 105-137, October. [Downloadable!] (restricted)
6. Gale, Douglas, 1980. "Money, information and equilibrium in large economies," Journal of Economic Theory, Elsevier, vol. 23(1), pages 28-65, August. [Downloadable!] (restricted)
7. Vind, Karl, 1972. "A Third Remark on the Core of an Atomless Economy," Econometrica, Econometric Society, vol. 40(3), pages 585-86, May. [Downloadable!] (restricted)
8. Brown, Donald J & Robinson, Abraham, 1975. "Nonstandard Exchange Economies," Econometrica, Econometric Society, vol. 43(1), pages 41-56, January. [Downloadable!] (restricted)
   Other versions:
   • Donald J. Brown & Abraham Robinson, 1971. "Nonstandard Exchange Economies," Cowles Foundation Discussion Papers 308, Cowles Foundation, Yale University. [Downloadable!]
9. Schmeidler, David, 1972. "A Remark on the Core of an Atomless Economy," Econometrica, Econometric Society, vol. 40(3), pages 579-80, May. [Downloadable!] (restricted)
10. Anderson, Robert M., 1991. "Non-standard analysis with applications to economics," Handbook of Mathematical Economics, in: W. Hildenbrand & H. Sonnenschein (ed.), Handbook of Mathematical Economics, edition 1, volume 4, chapter 39, pages 2145-2208 Elsevier. [Downloadable!] (restricted)
11. Grodal, Birgit, 1972. "A Second Remark on the Core of an Atomless Economy," Econometrica, Econometric Society, vol. 40(3), pages 581-83, May. [Downloadable!] (restricted)
12. Feldman, Mark & Gilles, Christian, 1985. "An expository note on individual risk without aggregate uncertainty," Journal of Economic Theory, Elsevier, vol. 35(1), pages 26-32, February. [Downloadable!] (restricted)
13. Hammond, Peter J., 1993. "History as a Widespread Externality in Some Arrow Debreu Market Games," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich.
14. Judd, Kenneth L., 1985. "The law of large numbers with a continuum of IID random variables," Journal of Economic Theory, Elsevier, vol. 35(1), pages 19-25, February. [Downloadable!] (restricted)
15. Mirrlees, James A, 1971. "An Exploration in the Theory of Optimum Income Taxation," Review of Economic Studies, Blackwell Publishing, vol. 38(114), pages 175-208, April. [Downloadable!] (restricted)
16. Haubrich, Joseph G, 1988. "Optimal Financial Structure in Exchange Economies," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 29(2), pages 217-35, May. [Downloadable!] (restricted)
    Other versions:
    • Joseph Haubrich, . "Optimal Financial Structure in Exchange Economies," Rodney L. White Center for Financial Research Working Papers 18-84, Wharton School Rodney L. White Center for Financial Research.
17. Weiss, Ernst-August Jr., 1981. "Finitely additive exchange economies," Journal of Mathematical Economics, Elsevier, vol. 8(3), pages 221-240, October. [Downloadable!] (restricted)
18. Blackorby, Charles & Donaldson, David, 1988. "Cash versus Kind, Self-selection, and Efficient Transfers," American Economic Review, American Economic Association, vol. 78(4), pages 691-700, September. [Downloadable!] (restricted)
19. Donald J. Brown & Abraham Robinson, 1972. "The Cores of Large Standard Exchange Economies," Cowles Foundation Discussion Papers 326, Cowles Foundation, Yale University. [Downloadable!]
    Other versions:
    • Brown, Donald J. & Robinson, Abraham, 1974. "The cores of large standard exchange economies," Journal of Economic Theory, Elsevier, vol. 9(3), pages 245-254, November. [Downloadable!] (restricted)
20. Helpman, Elhanan, 1992. "Endogenous macroeconomic growth theory," European Economic Review, Elsevier, vol. 36(2-3), pages 237-267, April. [Downloadable!] (restricted)
    Other versions:
    • Elhanan Helpman, 1993. "Endogenous Macroeconomic Growth Theory," NBER Working Papers 3869, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    • Helpman, E., 1991. "Endogenous Macroeconomic Growth Theory," Harvard Institute of Economic Research Working Papers 1570, Harvard - Institute of Economic Research.
21. Hammond, Peter J & Rodriguez-Clare, Andres, 1993. " On Endogenizing Long-Run Growth," Scandinavian Journal of Economics, Blackwell Publishing, vol. 95(4), pages 391-425, December.
22. Lucas, Robert E, Jr, 1993. "Making a Miracle," Econometrica, Econometric Society, vol. 61(2), pages 251-72, March. [Downloadable!] (restricted)
23. Stern, Nicholas, 1991. "The Determinants of Growth," Economic Journal, Royal Economic Society, vol. 101(404), pages 122-33, January. [Downloadable!] (restricted)
24. Kaneko, Mamoru & Wooders, Myrna Holtz, 1989. "The core of a continuum economy with widespread externalities and finite coalitions: From finite to continuum economies," Journal of Economic Theory, Elsevier, vol. 49(1), pages 135-168, October. [Downloadable!] (restricted)
25. Hammond, Peter J, 1987. "Markets as Constraints: Multilateral Incentive Compatibility in Continuum Economies," Review of Economic Studies, Blackwell Publishing, vol. 54(3), pages 399-412, July. [Downloadable!] (restricted)
26. Bhattacharya, Rabindra Nath & Majumdar, Mukul, 1973. "Random exchange economies," Journal of Economic Theory, Elsevier, vol. 6(1), pages 37-67, February. [Downloadable!] (restricted)
27. Al-Najjar, Nabil Ibraheem, 1995. "Decomposition and Characterization of Risk with a Continuum of Random Variables," Econometrica, Econometric Society, vol. 63(5), pages 1195-1224, September. [Downloadable!] (restricted)
28. Peter J. Hammond, . "On f-Core Equivalence with General Widespread Externalities," Working Papers 95004, Stanford University, Department of Economics. [Downloadable!]
    Other versions:
    • Hammond, Peter J., 1999. "On f-core equivalence with general widespread externalities," Journal of Mathematical Economics, Elsevier, vol. 32(2), pages 177-184, October. [Downloadable!] (restricted)
29. Hammond, Peter J. & Kaneko, Mamoru & Wooders, Myrna Holtz, 1989. "Continuum economies with finite coalitions: Core, equilibria, and widespread externalities," Journal of Economic Theory, Elsevier, vol. 49(1), pages 113-134, October. [Downloadable!] (restricted)

Statistics

Access and download statistics

Did you know? IDEAS also computes impact factors for journals and working paper series.

This page was last updated on 2009-11-27.