A general impossibility theorem and its application to individual rights

Yi, Jianzin and Li, Yong (2016) A general impossibility theorem and its application to individual rights. Mathematical Social Sciences, 81 79-86. doi:10.1016/j.mathsocsci.2016.03.009

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Author Yi, Jianzin
Li, Yong
Title A general impossibility theorem and its application to individual rights
Journal name Mathematical Social Sciences   Check publisher's open access policy
ISSN 0165-4896
Publication date 2016-05-01
Year available 2016
Sub-type Article (original research)
DOI 10.1016/j.mathsocsci.2016.03.009
Open Access Status File (Author Post-print)
Volume 81
Start page 79
End page 86
Total pages 8
Place of publication Amsterdam, Netherlands
Publisher Elsevier BV
Language eng
Abstract In this paper, we generalize Green and Laffont's (1979) impossibility theorem to the following form: in quasi-linear environments, when the set of each agent's types is sufficiently rich, we cannot find mechanisms that allow bounded deviations from the decisive efficiency, incentive compatibility and budget-balance at the same time. Hence, it is impossible to find an incentive compatible mechanism with minimum social welfare losses. Furthermore, we discuss the compatibility problems between incentive and individual rights in a quasi-linear environment (see Sen, 1970a,b; Deb et al., 1997). Specifically, some new impossibility results are established.
Keyword Green and Laffont’s impossibility theorem
Quasi-linear environments
Incentive compatible mechanism
Minimum social welfare losses
Incentive and individual rights
Q-Index Code C1
Q-Index Status Provisional Code
Institutional Status UQ

Document type: Journal Article
Sub-type: Article (original research)
Collections: HERDC Pre-Audit
UQ Business School Publications
 
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