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A characterization of stochastic dominance efficiency

Author

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  • Haris Aziz

    (NICTA and UNSW)

Abstract

Pareto optimality is one of the most central concepts in economics. $$\mathrm {SD}$$ SD -efficiency (efficiency with respect to stochastic dominance) is the most established generalization of Pareto optimality for randomized settings. In the last decade, a number of characterizations of $$\mathrm {SD}$$ SD -efficiency have been presented especially in the domain of assignments. We present a new characterization of $$\mathrm {SD}$$ SD -efficiency in the more general domain of randomized social choice.

Suggested Citation

  • Haris Aziz, 2014. "A characterization of stochastic dominance efficiency," Economic Theory Bulletin, Springer;Society for the Advancement of Economic Theory (SAET), vol. 2(2), pages 205-212, October.
    • Handle: RePEc:spr:etbull:v:2:y:2014:i:2:d:10.1007_s40505-014-0047-3
    DOI: 10.1007/s40505-014-0047-3
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    References listed on IDEAS

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    1. Athanassoglou, Stergios, 2011. "Efficiency under a combination of ordinal and cardinal information on preferences," Journal of Mathematical Economics, Elsevier, vol. 47(2), pages 180-185, March.
    2. Bogomolnaia, Anna & Moulin, Herve, 2001. "A New Solution to the Random Assignment Problem," Journal of Economic Theory, Elsevier, vol. 100(2), pages 295-328, October.
    3. Gibbard, Allan, 1977. "Manipulation of Schemes That Mix Voting with Chance," Econometrica, Econometric Society, vol. 45(3), pages 665-681, April.
    4. McLennan, Andrew, 2002. "Ordinal Efficiency and the Polyhedral Separating Hyperplane Theorem," Journal of Economic Theory, Elsevier, vol. 105(2), pages 435-449, August.
    5. Abdulkadiroglu, Atila & Sonmez, Tayfun, 2003. "Ordinal efficiency and dominated sets of assignments," Journal of Economic Theory, Elsevier, vol. 112(1), pages 157-172, September.
    6. Carroll, Gabriel, 2010. "An efficiency theorem for incompletely known preferences," Journal of Economic Theory, Elsevier, vol. 145(6), pages 2463-2470, November.
    7. Katta, Akshay-Kumar & Sethuraman, Jay, 2006. "A solution to the random assignment problem on the full preference domain," Journal of Economic Theory, Elsevier, vol. 131(1), pages 231-250, November.
    8. Stergios Athanassoglou, 2011. "Efficient Random Assignment under a Combination of Ordinal and Cardinal Information on Preferences," Working Papers 2011.11, Fondazione Eni Enrico Mattei.
    9. Mihai Manea, 2008. "Random serial dictatorship and ordinally efficient contracts," International Journal of Game Theory, Springer;Game Theory Society, vol. 36(3), pages 489-496, March.
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    Cited by:

    1. Haris Aziz, 2017. "Characterizing SW-Efficiency in the Social Choice Domain," Economics Bulletin, AccessEcon, vol. 37(1), pages 48-51.

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    More about this item

    Keywords

    Efficiency; Stochastic dominance; Social choice theory; Assignment problem;
    All these keywords.

    JEL classification:

    • C70 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - General
    • D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis
    • D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations

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