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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.

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File URL: http://www.econ.upf.edu/docs/papers/downloads/7.pdf
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Paper provided by Department of Economics and Business, Universitat Pompeu Fabra in its series Economics Working Papers with number 7.

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Date of creation: Nov 1991
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Handle: RePEc:upf:upfgen:7
Contact details of provider: Web page: http://www.econ.upf.edu/

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  1. Champsaur, Paul & Laroque, Guy, 1981. "Fair allocations in large economies," Journal of Economic Theory, Elsevier, vol. 25(2), pages 269-282, October.
  2. 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.
  3. Calsamiglia, Xavier, 1977. "Decentralized resource allocation and increasing returns," Journal of Economic Theory, Elsevier, vol. 14(2), pages 263-283, April.
  4. Reichelstein, Stefan, 1984. "Incentive compatibility and informational requirements," Journal of Economic Theory, Elsevier, vol. 34(1), pages 32-51, October.
  5. Kenneth Mount & Stanley Reiter, 1973. "The Informational Size of Message Spaces," Discussion Papers 3, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  6. 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.
  7. SCHMEIDLER, David & VIND, Karl, . "Fair net trades," CORE Discussion Papers RP -131, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  8. Hammond, Peter J, 1979. "Straightforward Individual Incentive Compatibility in Large Economies," Review of Economic Studies, Wiley Blackwell, vol. 46(2), pages 263-82, April.
  9. 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.
  10. 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.
  11. 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.
  12. 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.
  13. 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.
  14. repec:cup:cbooks:9780521319904 is not listed on IDEAS
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