Strategy-proofness and efficiency with non-quasi-linear preferences: A characterization of minimum price Walrasian rule
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چکیده
We consider the problem of allocating objects to a group of agents and how much agents should pay. Each agent receives at most one object and has non-quasi-linear preferences. Non-quasi-linear preferences describe environments where payments influence agents’ abilities to utilize objects or derive benefits from them. The “minimum price Walrasian (MPW) rule” is the rule that assigns a minimum price Walrasian equilibrium allocation to each preference profile. We establish that the MPW rule is the unique rule satisfying strategy-proofness, efficiency, individual rationality, and no subsidy for losers. Since the outcome of the MPW rule coincides with that of the simultaneous ascending (SA) auction, our result supports SA auctions adopted by many governments.
منابع مشابه
Discussion Paper No. 852 STRATEGY-PROOFNESS AND EFFICIENCY WITH NONQUASI-LINEAR PREFERENCES: A CHARACTERIZATION OF MINIMUM PRICE WALRASIAN RULE
We consider the problems of allocating several heterogeneous objects owned by governments to a group of agents and how much agents should pay. Each agent receives at most one object and has nonquasi-linear preferences. Nonquasi-linear preferences describe environments in which large-scale payments influence agents’ abilities to utilize objects or derive benefits from them. The “minimum price Wa...
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Hall’s theorem (Hall 1935). Let N ≡ {1 n} and M ≡ {1 m}. For each i ∈N , let Di ⊆ M . Then there is a one-to-one mapping x′ from N to M such that for each i ∈ N , x′(i) ∈Di if and only if for each N ′ ⊆N , |i∈N ′ Di| ≥ |N ′|. Fact 4 (Mishra and Talman 2010). Let R ⊆ RE and R ∈ Rn. A price vector p is a Walrasian equilibrium price vector for R if and only if no set is overdemanded and no set is ...
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