Randomization under ambiguity: Efficiency and incentive compatibility

Zhiwei Liu, Xinxi Song and Nicholas C. Yannelis

Journal of Mathematical Economics, 2020, vol. 90, issue C, 1-11

Abstract: We generalize de Castro and Yannelis (2018) by taking into account the use of randomization. We answer the following questions: Is each efficient allocation of de Castro and Yannelis (2018) still Pareto optimal? Are all efficient allocations still incentive compatible under the Wald’s maxmin preferences? We provide positive answers and give applications.

Keywords: Lottery allocations; Mixed strategy; Efficiency; Incentive compatibility; Wald’s maxmin preferences (search for similar items in EconPapers)
Date: 2020
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Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:mateco:v:90:y:2020:i:c:p:1-11

DOI: 10.1016/j.jmateco.2020.05.004

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