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A note on the incompatibility of strategy-proofness and Pareto-optimality in quasi-linear settings with public budgets

Ron Lavi, Marina May
2012 Economics Letters  
The same impossibility naturally extends to more abstract social choice settings with an arbitrary outcome set, assuming players with quasi-linear utilities and public budget limits.  ...  We show that there does not exist a deterministic mechanism that is individually rational, strategy-proof, Pareto-efficient, and that does not make positive transfers.  ...  Most remarkably, when utilities are quasi-linear in money, the VCG mechanism (Groves (1973) ) is strategy-proof and Pareto-efficient.  ... 
doi:10.1016/j.econlet.2011.11.043 fatcat:i6rbotlmvjg5lmee3fg473wnlq

Abstracts of Working Papers in Economics

1988 Abstracts of Working Papers in Economics  
This section contains abstracts and complete bibliographic information for current working papers, listed alphabetically by primary author.  ...  Brief entries appear for secondary authors, cross-referenced to the primary author. For more recent as well as historical information, consult the AWPE DATABASE, available online through BRS.  ...  AB This paper defines two types of asymmetry in business cycles: steepness and deepness. Steepness refers to cycles in which the slope of contractions exceeds the slope of expansions.  ... 
doi:10.1017/s0951007900000978 fatcat:honilmh2fjcgnflf4ylsa22eji

Abstracts of Working Papers in Economics

1990 Abstracts of Working Papers in Economics  
Ozcam, Ahmet AB The central focus of this paper is on the relationship between domestic market structure and export performance.  ...  AB This paper investigates the effect of firm size and ownership structure on technology adoption decisions, using data on the electric utility industry.  ...  Pareto Optimality. Efficiency. Centrally Planned Economics. AB We show that three principles of equity and efficiency are mutually incompatible for economies with a diverse set of preferences.  ... 
doi:10.1017/s0951007900001376 fatcat:prlowme45zbbvimduicvooieom

Abstracts of Working Papers in Economics

1988 Abstracts of Working Papers in Economics  
This section contains abstracts and complete bibliographic information for current working papers, listed alphabetically by primary author.  ...  Brief entries appear for secondary authors, cross-referenced to the primary author. For more recent as well as historical information, consult the AWPE DATABASE, available online through BRS.  ...  S h e e h a n , D e n n i s P .  ... 
doi:10.1017/s0951007900000899 fatcat:z5nbesl7l5bbrgsyjt6wqqjzae

Abstracts of Working Papers in Economics

1989 Abstracts of Working Papers in Economics  
This paper describes the model, the recursive equilibrium, and the Pareto optima; defines and characterizes the recursively supported equilibria and gives conditions for their Pareto optimality; and presents  ...  AB This note describes an example of a repeated game which has a unique renegotiation-proof equilibrium(Farrell (1983)) that however is not stable in the sense of Kohlberg and Mertens (1986).  ...  AB In this paper we develop a survival time model in which the probability of eventual failure is less than one, and in which both the probability of eventual failure and the timing of failure depend (  ... 
doi:10.1017/s0951007900001054 fatcat:y67mcmqgnnfhbfl34v62o5tk7a

Abstracts of Working Papers in Economics

1987 Abstracts of Working Papers in Economics  
on a set of different variables.  ...  AB This paper shows how the coefficients associated with surprise variables in a model can be obtained as a reparameterization of the parameters of a vector linear time-series model, and derives the appropriate  ...  This paper deals with the issue of the compatibility between investment strategy and income policy in the design of a strategy of egalitarian growth. Safra, Zvi  ... 
doi:10.1017/s0951007900000486 fatcat:koyxomekgrderhvqin6qevdgwi

Abstracts of Working Papers in Economics

1991 Abstracts of Working Papers in Economics  
In this paper we assume a no-arbitrage economy and extend the CIR characterization of futures and forward prices.  ...  The second part of the paper applies a similar methodology to evaluate the futures price and the forward price of a European style contingent claim. Expectations.  ...  We provide a data structure and axioms for an on line strategy-LOCAL POSTORDER-for SUP which fails to be linear but it has a very slow-indeed in the theory of finite sets unprovable-growth.  ... 
doi:10.1017/s0951007900002175 fatcat:3aiihzle2jdg7ejek4kp2rwqci

Abstracts of Working Papers in Economics

1990 Abstracts of Working Papers in Economics  
This section contains abstracts and complete bibliographic information for current working papers, listed alphabetically by primary author.  ...  For more recent as well as historical information, consult the AWPE DATABASE, available on magnetic media from Cambridge University Press.  ...  The paper shows that the "agency" part of a self-interest theory of regulation provides, by itself, many of the empirical implications traditionally associated with the Stigler-Peltzman approach.  ... 
doi:10.1017/s0951007900001455 fatcat:geyxpzjiavaxvop32ayggrrfzy

Abstracts of Working Papers in Economics

1990 Abstracts of Working Papers in Economics  
In this paper we show how conclusions about the historic growth path of the economy are dependent on the specific features of the data used; we then assess the implications for perceptions about economic  ...  The simplex method for solving linear programs can be interpreted as a search for market prices that equilibrate the demand for factors of production with their supply.  ...  We introduce the characterization and extendibility problems for quasi-values on linear subspaces of games, provide equivalence theorems for these problems, and show that a quasi-value on a subspace Q  ... 
doi:10.1017/s0951007900001777 fatcat:xbi4wofvazbhnnpitysz5ojzxi

Abstracts of Working Papers in Economics

1989 Abstracts of Working Papers in Economics  
In addition, the implications of liquidity constraints and the unpredictability of the rate of return on wealth are discussed.  ...  Investment behavior is analyzed using a dynamic optimization model of a firm facing costs of adjustment. This framework integrates the accelerator model, the neoclassical model and the q theory.  ...  If the (finite) set of players in each game is large enough to exhaust gains to scale in a sense we define, the abundance of one type of player and the core utility achieved by that type cannot change  ... 
doi:10.1017/s0951007900001297 fatcat:hrynv7ywovcerjvrzgkkoddxvy

Abstracts of Working Papers in Economics

1986 Abstracts of Working Papers in Economics  
Optimal Punishments. AB General propositions established in Abreu are applied to the analysis of optimal punishments and constrained Pareto optimal paths of symmetric oligopolistic supergames.  ...  An analogous result holds for the general case of asymmetric punishments, motivating the study of asymmetric Pareto optimal paths.  ...  AB The paper examines the development and operations of Papua New Guinea's financial institutions and markets.  ... 
doi:10.1017/s095100790000005x fatcat:q2zp7i54hjdy3komb2b6z4dtwq

Abstracts of Working Papers in Economics

1991 Abstracts of Working Papers in Economics  
Our estimation strategy consists of specifying the wage as a function of firm-specific value added per worker instrumented with the price of imports and the price of exports in the industry.  ...  In this paper we study the connections between product market conditions, negotiated wage settlements, and union employment in the presence of foreign competition shocks.  ...  We examine the set of shortest non-zero integral vectors with respect to the family of norms. We show that the number of such shortest vectors is polynomial in the bit size of A, for fixed n.  ... 
doi:10.1017/s0951007900002497 fatcat:rdh4eij2bbfrjgnmqxjdawyryi

Abstracts of Working Papers in Economics

1988 Abstracts of Working Papers in Economics  
AB This paper analyzes the welfare implications of fixed price regulation in a model in which consumers are heterogenous and a firm can endogenously quality discriminate.  ...  Can a model of nineteenth century growth be specified, which will explain this variety of country experiences? In the present paper, we attempt to provide and estimate such a model.  ...  proves incompatible with PO plus RM. The proofs of these results are by way of examples.  ... 
doi:10.1017/s0951007900000814 fatcat:cn2uomjc7fb7td4yfbtkqei5g4

Abstracts of Working Papers in Economics

1989 Abstracts of Working Papers in Economics  
This section contains abstracts and complete bibliographic information for current working papers, listed alphabetically by primary author.  ...  Brief entries appear for secondary authors, cross-referenced to the primary author. For more recent as well as historical information, consult the AWPE DATABASE, available online through BRS.  ...  AB This paper examines the implications for wage indexation behavior and for optimal monetary policy of extending macroeconomic contracting models to settings in which wage setters are influenced by the  ... 
doi:10.1017/s0951007900001212 fatcat:zxs3iv43crff7jt2bmqq6xbwqy

Abstracts of Working Papers in Economics

2001 Abstracts of Working Papers in Economics  
AB This paper analyzes the optimal investment strategy in the stock market of a selected group of South American countries: Mexico, Brazil, Argentina, and Chile.  ...  For d > 1 and when the process has a linear trend, the estimator is shown to be inconsistent and to converge in probability to unity.  ...  The index i(x) yields a complete order in the set of Pareto optimal allocations. Illustrations and interpretations of the selection procedures are provided.  ... 
doi:10.1017/s0951007900006306 fatcat:smz7b37mvjbffoaqme35j5xehe
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