On characterizations of the probabilistic serial mechanism involving incentive and invariance properties

Onur Kesten, Morimitsu Kurino, M. Utku Ünver

Research output: Contribution to journalArticlepeer-review

1 Citation (Scopus)

Abstract

This paper studies the problem of assigning n indivisible objects to n agents when each agent consumes one object and monetary transfers are not allowed. Bogomolnaia and Moulin (2001) proved that for n=3, the probabilistic serial mechanism is characterized by the three axioms of ordinal efficiency, envy-freeness, and weak strategy-proofness. We show that this characterization does not extend to problems of arbitrary size; in particular, it does not hold for any n≥5. A number of general characterizations of the probabilistic serial mechanism have been obtained in the recent literature by replacing weak strategy-proofness with various invariance axioms while retaining ordinal efficiency and envy-freeness. We show that weak strategy-proofness is in fact logically independent of all invariance axioms used in these characterizations.

Original languageEnglish
Pages (from-to)56-62
Number of pages7
JournalMathematical Social Sciences
Volume90
DOIs
Publication statusPublished - 2017 Nov 1
Externally publishedYes

ASJC Scopus subject areas

  • Statistics, Probability and Uncertainty
  • Social Sciences(all)
  • Psychology(all)
  • Sociology and Political Science

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