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Non‐Dummy Agents in Pure Exchange Economies

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  • Miki Kato
  • Shinji Ohseto

Abstract

We introduce a very fundamental and important axiom of the non‐dummy. This states that each agent can change the outcome of the mechanism at some preference profile, thus guaranteeing every agent the minimum right to affect the social decision. We study the possibility of strategy‐proof, efficient and non‐dummy mechanisms in pure exchange economies. We provide two new interesting classes of such mechanisms. The results shed light on the structure of strategy‐proof and efficient mechanisms, and should promote a complete characterization of those mechanisms in pure exchange economies with three or more agents.

Suggested Citation

  • Miki Kato & Shinji Ohseto, 2004. "Non‐Dummy Agents in Pure Exchange Economies," The Japanese Economic Review, Japanese Economic Association, vol. 55(2), pages 212-220, June.
    • Handle: RePEc:bla:jecrev:v:55:y:2004:i:2:p:212-220
    DOI: 10.1111/j.1468-5876.2004.t01-1-00303.x
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    References listed on IDEAS

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    1. Miki Kato & Shinji Ohseto, 2002. "Toward general impossibility theorems in pure exchange economies," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 19(3), pages 659-664.
    2. Sprumont, Yves, 1991. "The Division Problem with Single-Peaked Preferences: A Characterization of the Uniform Allocation Rule," Econometrica, Econometric Society, vol. 59(2), pages 509-519, March.
    3. 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.
    4. Roth, Alvin E., 1982. "Incentive compatibility in a market with indivisible goods," Economics Letters, Elsevier, vol. 9(2), pages 127-132.
    5. Serizawa, Shigehiro & Weymark, John A., 2003. "Efficient strategy-proof exchange and minimum consumption guarantees," Journal of Economic Theory, Elsevier, vol. 109(2), pages 246-263, April.
    6. Mark A. Satterthwaite & Hugo Sonnenschein, 1981. "Strategy-Proof Allocation Mechanisms at Differentiable Points," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 48(4), pages 587-597.
    7. Yves Sprumont, 1995. "Strategyproof Collective Choice in Economic and Political Environments," Canadian Journal of Economics, Canadian Economics Association, vol. 28(1), pages 68-107, February.
    8. Serizawa, Shigehiro, 2002. "Inefficiency of Strategy-Proof Rules for Pure Exchange Economies," Journal of Economic Theory, Elsevier, vol. 106(2), pages 219-241, October.
    9. Gibbard, Allan, 1973. "Manipulation of Voting Schemes: A General Result," Econometrica, Econometric Society, vol. 41(4), pages 587-601, July.
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    Cited by:

    1. Jin Li & Jingyi Xue, 2013. "Egalitarian division under Leontief Preferences," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 54(3), pages 597-622, November.

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