Toward general impossibility theorems in pure exchange economies

Miki Kato; Shinji Ohseto

doi:10.1007/s003550100143

Toward general impossibility theorems in pure exchange economies

Miki Kato, Shinji Ohseto

EEF - Economics and Management

Research output: Contribution to journal › Article › peer-review

17 Citations (Scopus)

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?

Original language	English
Pages (from-to)	659-664
Number of pages	6
Journal	Social Choice and Welfare
Volume	19
Issue number	3
DOIs	https://doi.org/10.1007/s003550100143
Publication status	Published - 2002 Jul

ASJC Scopus subject areas

Social Sciences (miscellaneous)
Economics and Econometrics

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AB - 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?

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