Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/150224
Authors: 
Goswami, Mridu Prabal
Sen, Arunava
Mitra, Manipushpak
Year of Publication: 
2014
Citation: 
[Journal:] Theoretical Economics [ISSN:] 1555-7561 [Volume:] 9 [Year:] 2014 [Issue:] 2 [Pages:] 361-381
Abstract: 
In this paper, we revisit a long-standing question on the structure of strategy-proof and Pareto-efficient social choice functions (SCFs) in classical exchange economies (Hurwicz (1972)). Using techniques developed by Myerson in the context of auction-design, we show that in a specific quasi-linear domain, every Pareto-efficient and strategy-proof SCF satisfying non-bossiness and a mild continuity property is dictatorial. The result holds for an arbitrary number of agents but the two-person version does not require either the non-bossiness or continuity assumptions. It also follows that the dictatorship conclusion holds on any superset of this domain. We also provide a minimum consumption guarantee result in the spirit of Serizawa and Weymark (2003).
Subjects: 
Exchange economies
strategy-proofness
Pareto-efficiency
dictatorship
JEL: 
C72
D51
D71
Persistent Identifier of the first edition: 
Creative Commons License: 
https://creativecommons.org/licenses/by-nc/3.0/
Document Type: 
Article

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