A symmetric allocation in a continuum is "multilaterally incentive compatible" if no finite coalition of privately informed agents can manipulate it by combining deception with hidden trades of exchangeable goods. Sufficient conditions for mutilateral compatibility are that all agents face the same linear prices for exchangeable goods and that indistinguishable agents face identical budget sets. The same conditions are necessary under assumptions that extend those under which the second efficiency theorem of welfare economics holds in a continuum economy. Markets for exchangeable goods emerge as binding constraints on the set of Pareto efficient allocations with private information.

Symposium on Incentive Compatibility: Introduction Get access Peter J. Hammond Peter J. Hammond University of Essex Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 46, Issue 2, April 1979, Pages 181–184, https://doi.org/10.2307/2297044 Published: 01 April 1979

Journal Article Straightforward Individual Incentive Compatibility in Large Economies Get access Peter J. Hammond Peter J. Hammond University of Essex Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 46, Issue 2, April 1979, Pages 263–282, https://doi.org/10.2307/2297050 Published: 01 April 1979 Article history Received: 01 December 1976 Accepted: 01 September 1978 Published: 01 April 1979

Journal Article Economic Welfare with Rank Order Price Weighting Get access Peter J. Hammond Peter J. Hammond University of Essex Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 45, Issue 2, June 1978, Pages 381–384, https://doi.org/10.2307/2297353 Published: 01 June 1978 Article history Received: 01 February 1977 Accepted: 01 October 1977 Published: 01 June 1978

Journal Article Changing Tastes and Coherent Dynamic Choice Get access Peter J. Hammond Peter J. Hammond University of Essex Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 43, Issue 1, February 1976, Pages 159–173, https://doi.org/10.2307/2296609 Published: 01 February 1976 Article history Received: 01 November 1974 Accepted: 01 April 1975 Published: 01 February 1976