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On Bayesian Implementable Allocations

Palfrey, Thomas R. and Srivastava, Sanjay (1987) On Bayesian Implementable Allocations. Review of Economic Studies, 54 (2). pp. 193-208. ISSN 0034-6527. doi:10.2307/2297511.

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This paper identifies several social choice correspondences which are or are not fully implementable in economic environments when agents are incompletely informed about the environment. We show that in contrast to results in the case of complete information, neither efficient allocations nor core allocations define implementable social choice correspondences. We also identify conditions under which the Rational Expectations Equilibrium correspondence is implementable. We extend the concepts of fair allocations and Lindahl allocations to economies with incomplete information, and show that envy-free allocations and Lindahl allocations are implementable under some conditions while fair allocations are not.

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Palfrey, Thomas R.0000-0003-0769-8109
Additional Information:© 1987 The Society for Economic Analysis Limited. First version received October 1985; final version accepted November 1986. We are thankful to the National Science Foundation for financial support under Grants IST-8406296, SES-8420486, and SES-8608118 and to the referees of this journal for helpful comments. We also wish to acknowledge several very helpful conversations with Andrew Postlewaite; in particular, example 4 derives from a slightly different example he and David Schmeidler proposed.
Group:Social Science Working Papers
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Social Science Working Paper624
Issue or Number:2
Record Number:CaltechAUTHORS:20160303-103738868
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Official Citation:Thomas R. Palfrey and Sanjay Srivastava. On Bayesian Implementable Allocations Review of Economic Studies (1987) 54 (2): 193-208 doi:10.2307/2297511
Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:65004
Deposited On:09 Mar 2016 23:22
Last Modified:10 Nov 2021 23:38

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