论文信息 - Inefficiency of Strategy-Proof Rules for Pure Exchange Economies

Inefficiency of Strategy-Proof Rules for Pure Exchange Economies

Abstract In his pioneering article, (in “Decision and Organization” (C. B. McGuire and R. Radner, Eds.), pp. 297–336, North-Holland, Amsterdam, 1972) Hurwicz establishes that there is no strategy-proof, Pareto-efficient, and individually rational rule for pure exchange economies with two agents and two goods, provided that the domain includes a sufficiently wide class of classical preferences . In this article, we extend his result to pure exchange economies with any finite number of agents and goods. We establish that (i) there is no strategy-proof, Pareto-efficient, and individually rational rule on the class of classical, homothetic, and smooth preferences; and (ii) there is no strategy-proof, Pareto-efficient, and symmetric rule on the same class of preferences. Journal of Economic Literature Classification Numbers: D78, D71, C72.

Shigehiro Serizawa | Shigehiro Serizawa

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