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Externalities do not necessarily require larger message spaces for realizing pareto-efficient allocations

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  • Hiroaki Osana

Abstract

Classes of economies with consumption externalities and decisive, nonwasteful, and informationally decentralized allocation mechanisms on classes including these classes of economies are constructed. The informational size of the message spaces is shown to be minimal among the message spaces used by any allocation mechanisms with the same properties on the same class of economies. The message spaces are shown to be as large as $n(\ell - 1)$ -dimensional Euclidean space, where n is the number of economic agents and $\ell$ is the number of commodities. The presence of consumption externalities does not necessarily require larger message spaces for realizing Pareto-efficiency. Copyright Springer-Verlag Berlin/Heidelberg 2005

Suggested Citation

  • Hiroaki Osana, 2005. "Externalities do not necessarily require larger message spaces for realizing pareto-efficient allocations," Review of Economic Design, Springer;Society for Economic Design, vol. 9(3), pages 227-269, August.
    • Handle: RePEc:spr:reecde:v:9:y:2005:i:3:p:227-269
    DOI: 10.1007/s10058-005-0129-7
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