Randomization under ambiguity: Efficiency and incentive compatibility |
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| 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. |
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| Keywords: | Lottery allocations Mixed strategy Efficiency Incentive compatibility Wald’s maxmin preferences |
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