English, Article, Journal or magazine article edition: Asymptotically Strategy-Proof Walrasian Exchange Jose M. Cordoba; Peter J. Hammond

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Bookmark: http://trove.nla.gov.au/version/142927
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  • preprint
Language
  • English

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Title
  • Asymptotically Strategy-Proof Walrasian Exchange
Author
  • Jose M. Cordoba
  • Peter J. Hammond
Physical Description
  • preprint
Notes
  • February 1998 In smooth exchange economies with a continuum of agents, any Walrasian mechanism is Pareto efficient, individually rational, anonymous, and strategy-proof.  Barberà and Jackson's (1995) results imply that no such efficient mechanism is the limit of resource-balanced, individually rational, anonymous and non-bossy strategy-proof allocation mechanisms for an expanding sequence of finite economies.  For a broad class of smooth random exchange economies, relaxing anonymity and non-bossiness admits mechanisms which, as the economy becomes infinitely large, are asymptotically Walrasian for all except one ``balancing'' agent, while being manipulable with generically vanishing probability.  Also considered are some extensions to non-Walrasian mechanisms. JEL classification: D82, D61, D5 Keywords: strategy-proofness, mechanism design, random economies, Walrasian equilibrium.
  • RePEc:wop:stanec:98005
Language
  • English
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