NDLI: A Hurwicz type result in a model with public good production

Content Provider	Springer Nature Link
Author	Goswami, Mridu Prabal Sen, Arunava Yadav, Sonal
Copyright Year	2015
Abstract	A classic result in the theory of incentive compatibility is Hurwicz (Decision and organization: a volume in honor of Jacob Marschak, 1972). The paper showed that strategy-proof (SP), Pareto-efficient and individually rational social choice functions do not exist in two-good, two-agent exchange economies. This result has been extended in several ways, for instance, to arbitrary numbers of agents and goods and to restricted domains. In this paper, we extend the result to economies with production. We consider a two-good economy with a single public good that can be produced from a private good according to a convex cost function. Agents have initial endowments of the private good. We show that SP, Pareto-efficient, individually-rational and continuous social choice functions do not exist in this environment. Pareto-efficiency, individual rationality and continuity axioms apply only to a “small” domain of preferences parametrized by a real number.
Starting Page	867
Ending Page	887
Page Count	21
File Format	PDF
ISSN	01761714
Journal	Social Choice and Welfare
Volume Number	45
Issue Number	4
e-ISSN	1432217X
Language	English
Publisher	Springer Berlin Heidelberg
Publisher Date	2015-03-26
Publisher Place	Berlin, Heidelberg
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	Economic Theory/Quantitative Economics/Mathematical Methods Public Finance & Economics Political Economy Game Theory, Economics, Social and Behav. Sciences Social Policy
Content Type	Text
Resource Type	Article
Subject	Social Sciences Economics and Econometrics

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