TY - JOUR
T1 - Toward general impossibility theorems in pure exchange economies
AU - Kato, Miki
AU - Ohseto, Shinji
N1 - Copyright:
Copyright 2008 Elsevier B.V., All rights reserved.
PY - 2002/7
Y1 - 2002/7
N2 - 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?
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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U2 - 10.1007/s003550100143
DO - 10.1007/s003550100143
M3 - Article
AN - SCOPUS:0036629366
VL - 19
SP - 659
EP - 664
JO - Social Choice and Welfare
JF - Social Choice and Welfare
SN - 0176-1714
IS - 3
ER -