Comments on: The Real-Life Tragedy of Myerson and Satterthwaite’s Impossibility Theorem: A Tale of High Drama, Intrigue, and Duplicity

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By: dreeves

dreeves — Thu, 13 Aug 2009 20:35:26 +0000

To be more clear, here’s how I would state Myerson-Satterthwaite: It’s impossible (given some reasonable assumptions) to have all three of {IR, BB, EFF}, whether or not you also impose any form of IC.

I don’t like jeff’s version because it goes without saying that if you can administer a truth serum then you can get efficiency and budget balance (and individual rationality doesn’t even make sense anymore).