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On the Difficulty of Attaining Distributional Goals With Imperfect Information About Consumers

In: Measurement in Public Choice

Author

Listed:
  • Jean-Jacques Laffont

    (Paris and Université des Sciences Sociales de Toulouse)

  • Eric Maskin

    (Massachusetts Institute of Technology)

Abstract

Recently, mechanisms which overcome the free rider problem and achieve Pareto optimality under imperfect information have been constructed. In this paper we provide various impossibility theorems which show the difficulty of achieving distributional goals when consumers’ tastes are unknown. The results are developed for a particular game theoretic solution concept, that of dominant strategy; they could be extended if, instead, Bayesian equilibrium were the solution concept. As a way out we propose a second-best approach to welfare optimization.

Suggested Citation

  • Jean-Jacques Laffont & Eric Maskin, 1981. "On the Difficulty of Attaining Distributional Goals With Imperfect Information About Consumers," Palgrave Macmillan Books, in: Steinar Strøm (ed.), Measurement in Public Choice, pages 86-96, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-05090-1_7
    DOI: 10.1007/978-1-349-05090-1_7
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