On the manipulability of efficient exchange rules
发现,在拟线性经济中,任何有效交换规则在大多数情况下都是可操纵的,但在特定子域外存在局部不可操纵的规则。
We identify a large subdomain, D, of quasilinear economies on which any efficient exchange rule will be generically (in the Baire sense) manipulable. For generic economies outside of D, we find rules that are locally non-manipulable. The interior of the set D consists of all economies in which competitive equilibrium would prescribe that all agents consume a positive quantity of money. Since we study quasilinear preferences, this is the domain of primary interest. Our locally non-manipulable rules rely on the existence of traders who are willing to sell all of their cash and absorb the imbalances in the trading of the commodity.