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Strategy-Proof Exchange

  • Barbera, Salvador
  • Jackson, Matthew O

The authors consider the allocation of goods in exchange economies with a finite number of agents who may have private information about their preferences. They characterize the set of allocation rules that are compatible with individual incentives or, in other words, the set of strategy-proof social choice functions. Social choice functions that are strategy-proof are those that can be obtained from trading according to a finite number of prespecified proportions. The number of proportions that can be accommodated is proportional to the number of agents. Such rules are necessarily inefficient even in the limit as the economy grows. Copyright 1995 by The Econometric Society.

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Article provided by Econometric Society in its journal Econometrica.

Volume (Year): 63 (1995)
Issue (Month): 1 (January)
Pages: 51-87

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Handle: RePEc:ecm:emetrp:v:63:y:1995:i:1:p:51-87
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  1. repec:hoo:wpaper:e-91-2 is not listed on IDEAS
  2. repec:hoo:wpaper:e-91-1 is not listed on IDEAS
  3. Jackson, Matthew O., 1992. "Incentive compatibility and competitive allocations," Economics Letters, Elsevier, vol. 40(3), pages 299-302, November.
  4. AUMANN, Robert J. & DREZE, Jacques H., . "Values of markets with satiation or fixed prices," CORE Discussion Papers RP 722, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  5. Hagerty, Kathleen M. & Rogerson, William P., 1987. "Robust trading mechanisms," Journal of Economic Theory, Elsevier, vol. 42(1), pages 94-107, June.
  6. repec:cep:stitep:/1991/235 is not listed on IDEAS
  7. Gul, Faruk & Postlewaite, Andrew, 1992. "Asymptotic Efficiency in Large Exchange Economies with Asymmetric Information," Econometrica, Econometric Society, vol. 60(6), pages 1273-92, November.
  8. Salvador Barbera & Matthew Jackson, 1991. "A Characterization of Strategy-Proof Social Choice Functions for Economies with Pure Public Goods," Discussion Papers 964, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  9. Thomson, W., 1990. "Monotonic And Consistent Solutions To The Problem Of Fair Allocation When Preferences Are Single-Peaked," RCER Working Papers 231, University of Rochester - Center for Economic Research (RCER).
  10. Andreu Mas-Colell & Xavier Vives, 1993. "Implementation in Economies with a Continuum of Agents," Review of Economic Studies, Oxford University Press, vol. 60(3), pages 613-629.
  11. Postlewaite, Andrew & Schmeidler, David, 1986. "Implementation in differential information economies," Journal of Economic Theory, Elsevier, vol. 39(1), pages 14-33, June.
  12. Jackson, Matthew O, 1991. "Bayesian Implementation," Econometrica, Econometric Society, vol. 59(2), pages 461-77, March.
  13. Mark A. Satterthwaite & Hugo Sonnenschein, 1981. "Strategy-Proof Allocation Mechanisms at Differentiable Points," Review of Economic Studies, Oxford University Press, vol. 48(4), pages 587-597.
  14. Roberts, Donald John & Postlewaite, Andrew, 1976. "The Incentives for Price-Taking Behavior in Large Exchange Economies," Econometrica, Econometric Society, vol. 44(1), pages 115-27, January.
  15. Satterthwaite, Mark Allen, 1975. "Strategy-proofness and Arrow's conditions: Existence and correspondence theorems for voting procedures and social welfare functions," Journal of Economic Theory, Elsevier, vol. 10(2), pages 187-217, April.
  16. Abreu, Dilip & Matsushima, Hitoshi, 1992. "Virtual Implementation in Iteratively Undominated Strategies: Complete Information," Econometrica, Econometric Society, vol. 60(5), pages 993-1008, September.
  17. Hurwicz, Leonid & Walker, Mark, 1990. "On the Generic Nonoptimality of Dominant-Strategy Allocation Mechanisms: A General Theorem That Includes Pure Exchange Economies," Econometrica, Econometric Society, vol. 58(3), pages 683-704, May.
  18. Gibbard, Allan, 1973. "Manipulation of Voting Schemes: A General Result," Econometrica, Econometric Society, vol. 41(4), pages 587-601, July.
  19. Partha Dasgupta & Peter Hammond & Eric Maskin, 1979. "The Implementation of Social Choice Rules: Some General Results on Incentive Compatibility," Review of Economic Studies, Oxford University Press, vol. 46(2), pages 185-216.
  20. Blume, Lawrence & Easley, David, 1990. "Implementation of Walrasian expectations equilibria," Journal of Economic Theory, Elsevier, vol. 51(1), pages 207-227, June.
  21. Barbera, S. & Peleg, B., 1988. "Strategy-Proof Voting Schemes With Continuous Preferences," UFAE and IAE Working Papers 91.88, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
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