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We investigate efficient and minimally unstable Pareto improvements over the deferred acceptance (DA) mechanism — a popular school choice mechanism which is stable but not efficient. We show that there is no Pareto improvement over the DA mechanism which is minimally unstable among efficient...
Persistent link: https://www.econbiz.de/10012822608
We investigate efficient and minimally unstable Pareto improvements over the deferred acceptance (DA) mechanism-a popular school choice mechanism that is stable but not efficient. We show that there is no Pareto improvement over the DA mechanism that is minimally unstable among efficient...
Persistent link: https://www.econbiz.de/10012806473
group of people as fairly and as efficiently as possible. A particular constraint for such an allocation is that every … allocation. It is shown that every perfectly fair allocation is efficient and envy-free, income-fair and furthermore gives every … allocation. It is shown that there exists a perfectly fair allocation if and only if an associated linear program problem has a …
Persistent link: https://www.econbiz.de/10014120927
This paper studies the problem of how to distribute a set of indivisible objects with an amount M of money among a number of agents in a fair way. We allow any number of agents and objects. Objects can be desirable or undesirable and the amount of money can be negative as well. In case M is...
Persistent link: https://www.econbiz.de/10014121719
solution concept to this problem called a perfectly fair allocation. It is a refinement of the concept of fair allocation. An … appealing and interesting property of this concept is that every perfectly fair allocation is Pareto optimal. It is also shown … that a perfectly fair allocation is envy free and gives each agent what he likes best, and that a fair allocation need not …
Persistent link: https://www.econbiz.de/10014125049
We introduce ex-ante Pareto efficiency, which is a slightly weaker notion of efficiency than ex-post Pareto efficiency. We strengthen the impossibility between ex-post Pareto efficiency, strategyproofness, and envy-freeness in the random assignment problem and show that it prevails if ex-post...
Persistent link: https://www.econbiz.de/10014256336
We introduce a new notion of ex-post efficiency for random assignment problems, namely ex-post rank efficiency that gives a maximal number of agents their favored objects. An ex-post rank efficient random assignment is a lottery over rank efficient deterministic assignments, in the sense of...
Persistent link: https://www.econbiz.de/10013307297
This paper investigates fair (i.e., envy free and efficient) allocations in an overlapping generations economy without production and with two - period lived agents. We show that there exists a conflict between no-envy and efficiency when all generations have identical preferences. This conflict...
Persistent link: https://www.econbiz.de/10012938330