A welfarist approach to sequencing problems with incentives

Sreoshi Banerjee, Parikshit De and Manipushpak Mitra

MPRA Paper from University Library of Munich, Germany

Abstract: We adopt a welfarist approach to study sequencing problems in a private information setup. The ”generalized minimum welfare bound” (GMWB) is a universal representation of all the specific bounds that have been previously studied in the literature. Every agent is offered a protection in the form of a minimum guarantee on their utilities. We provide a necessary and sufficient condition to identify an outcome efficient and strategy-proof mechanism that satisfies GMWB.We then characterize the entire class of mechanisms that satisfy outcome efficiency, strategy proofness and GMWB. These are termed as the class of ”relative pivotal mechanisms”. Our paper proposes relevant theoretical applications namely; ex-ante initial order, identical costs bound and expected cost bound. We also give insights on the issues of feasibility and/or budget balance.

Keywords: sequencing problems; generalized minimum welfare bounds; outcome efficiency; strategyproofness; feasibility; budget balance (search for similar items in EconPapers)
JEL-codes: C72 D63 D71 D82 (search for similar items in EconPapers)
Date: 2020-09-24
New Economics Papers: this item is included in nep-ore
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
https://mpra.ub.uni-muenchen.de/107188/1/MPRA_paper_107188.pdf original version (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:107188

Access Statistics for this paper

More papers in MPRA Paper from University Library of Munich, Germany Ludwigstraße 33, D-80539 Munich, Germany. Contact information at EDIRC.
Bibliographic data for series maintained by Joachim Winter (winter@lmu.de).