Strategy-Proof Rule in Probabilistic Allocation Problem of an Indivisible Good and Money
ISER Discussion Paper from Institute of Social and Economic Research, Osaka University
We consider the problem of probabilistically allocating a single indivisible good among agents when monetary transfers are allowed. We construct a new strategy-proof rule, called the second price trading rule, and show that it is second best efficient. Furthermore, we give the second price trading rule three characterizations with (1) strategy-proofness, "budget-balance", equal treatment of equals, weak decision-efficiency, and simple generatability, (2) strategy-proofness, "equal rights lower bound", equal treatment of equals, weak decision-efficiency, and simple generatability, (3) strategy-proofness, "envy-freeness, no-trade-no-transfer", equal treatment of equals, weak decision-efficiency, and simple generatability.
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