A Unique Informationally Efficient and Decentralized Mechanism with Fair Outcomes
It is shown that any informationally decentralized mechanism that realizes fair allocations over the class of classical pure exchange environments has a message space of dimension no smaller than the number of agents times the number of commodities. Since the equal income Walrasian mechanism, in which all agents take prices parametrically and maximize utility subject to the average income constraint, realizes fair outcomes over the class of classical pure exchange environments and has a message space of that dimension, it is informationally efficient. Further, it is shown that it is the unique informationally efficient mechanism realizing fair allocations. Copyright 1993 by The Econometric Society.
If 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.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Volume (Year): 61 (1993)
Issue (Month): 5 (September)
|Contact details of provider:|| Phone: 1 212 998 3820|
Fax: 1 212 995 4487
Web page: http://www.econometricsociety.org/Email:
More information through EDIRC
|Order Information:|| Web: https://www.econometricsociety.org/publications/econometrica/access/ordering-back-issues Email: |
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.:
- Schmeidler, David & Vind, Karl, 1972.
"Fair Net Trades,"
Econometric Society, vol. 40(4), pages 637-42, July.
- Stefan Reichelstein & Stanley Reiter, 1985. "Game Forms with Minimal Strategy Spaces," Discussion Papers 663, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Kenneth Mount & Stanley Reiter, 1973.
"The Informational Size of Message Spaces,"
3, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Hurwicz, Leonid & Majumdar, Mukul, 1988. "Optimal intertemporal allocation mechanisms and decentralization of decisions," Journal of Economic Theory, Elsevier, vol. 45(2), pages 228-261, August.
- Panzer, Elisha A & Schmeidler, David, 1974. "A Difficulty in the Concept of Fairness," Review of Economic Studies, Wiley Blackwell, vol. 41(3), pages 441-43, July.
- repec:cup:cbooks:9780521319904 is not listed on IDEAS
- Dasgupta, Swapan & Mitra, Tapan, 1988. "Characterization of intertemporal optimality in terms of decentralizable conditions: The discounted case," Journal of Economic Theory, Elsevier, vol. 45(2), pages 274-287, August.
- Chander, Parkash, 1983. "On the Informational Size of Message Spaces for Efficient Resource Allocation Processes," Econometrica, Econometric Society, vol. 51(4), pages 919-38, July.
- Reichelstein, Stefan, 1984. "Incentive compatibility and informational requirements," Journal of Economic Theory, Elsevier, vol. 34(1), pages 32-51, October.
- Hammond, Peter J, 1979. "Straightforward Individual Incentive Compatibility in Large Economies," Review of Economic Studies, Wiley Blackwell, vol. 46(2), pages 263-82, April.
- Champsaur, Paul & Laroque, Guy, 1981. "Fair allocations in large economies," Journal of Economic Theory, Elsevier, vol. 25(2), pages 269-282, October.
- Calsamiglia, Xavier, 1982. "On the size of the message space under non-convexities," Journal of Mathematical Economics, Elsevier, vol. 10(2-3), pages 197-203, September.
- Chander, Parkash, 1983. "On the informational efficiency of the competitive resource allocation process," Journal of Economic Theory, Elsevier, vol. 31(1), pages 54-67, October.
- Calsamiglia, Xavier, 1977. "Decentralized resource allocation and increasing returns," Journal of Economic Theory, Elsevier, vol. 14(2), pages 263-283, April.
When requesting a correction, please mention this item's handle: RePEc:ecm:emetrp:v:61:y:1993:i:5:p:1147-72. See general 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: (Wiley-Blackwell Digital Licensing)or (Christopher F. Baum)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.