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Toward general impossibility theorems in pure exchange economies

Author

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  • Miki Kato

    (Department of Social Welfare, Tokyo Metropolitan University, Hachioji, Tokyo 192-0397, Japan)

  • Shinji Ohseto

    (Faculty of Economics, Tokyo Metropolitan University, Hachioji, Tokyo 192-0397, Japan)

Abstract

We study the possibility of strategy-proof and efficient mechanisms in pure exchange economies. In his remarkable paper, Zhou (1991) establishes an elegant impossibility result: there is no strategy-proof, efficient, and non-dictatorial mechanism in the two-agent case. He conjectures that there is no strategy-proof, efficient, and "non-inversely-dictatorial" mechanism in the case of three or more agents. However, we discover some counterexamples to his conjecture in the case of four or more agents. We present a new interesting open question: Is there any strategy-proof, efficient, and "non-alternately-dictatorial" mechanism?

Suggested Citation

  • 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.
    • Handle: RePEc:spr:sochwe:v:19:y:2002:i:3:p:659-664
    Note: Received: 17 October 2000/Accepted: 20 April 2001
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    Cited by:

    1. Takeshi Momi, 2020. "Efficient and strategy-proof allocation mechanisms in many-agent economies," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 55(2), pages 325-367, August.
    2. Mizukami, Hideki & Saijo, Tatsuyoshi & Wakayama, Takuma, 2003. "Strategy-Proof Sharing," Working Papers 1170, California Institute of Technology, Division of the Humanities and Social Sciences.
    3. Ryan Tierney, 2016. "On the manipulability of efficient exchange rules," ISER Discussion Paper 0987, Institute of Social and Economic Research, Osaka University.
    4. Kazuhiko Hashimoto, 2008. "Strategy-proofness versus efficiency on the Cobb-Douglas domain of exchange economies," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 31(3), pages 457-473, October.
    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. Ju, Biung-Ghi, 2005. "Strategy-proof risk sharing," Games and Economic Behavior, Elsevier, vol. 50(2), pages 225-254, February.
    7. 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.
    8. Harless, Patrick & Phan, William, 2022. "Efficient mixtures of priority rules for assigning objects," Games and Economic Behavior, Elsevier, vol. 132(C), pages 73-89.
    9. Momi, Takeshi, 2017. "Efficient and strategy-proof allocation mechanisms in economies with many goods," Theoretical Economics, Econometric Society, vol. 12(3), September.
    10. Axel Niemeyer & Justus Preusser, 2023. "Simple Allocation with Correlated Types," CRC TR 224 Discussion Paper Series crctr224_2023_486, University of Bonn and University of Mannheim, Germany.
    11. Momi, Takeshi, 2013. "Note on social choice allocation in exchange economies with many agents," Journal of Economic Theory, Elsevier, vol. 148(3), pages 1237-1254.
    12. Sasaki, Hiroo, 2003. "Limitation of Efficiency: Strategy-Proofness and Single-Peaked Preferences with Many Commodities," Working Papers 2003-01, Rice University, Department of Economics.
    13. Leroux, Jistin, 2004. "Strategy-Proofness and Efficiency Are Incompatible in Production Economies," Working Papers 2004-07, Rice University, Department of Economics.
    14. 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.
    15. Leroux, Justin, 2004. "Strategy-proofness and efficiency are incompatible in production economies," Economics Letters, Elsevier, vol. 85(3), pages 335-340, December.

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