Egalitarianism of Random Assignment Mechanisms

Abstract: We consider the egalitarian welfare aspects of random assignment mechanisms when agents have unrestricted cardinal utilities over the objects. We give bounds on how well different random assignment mechanisms approximate the optimal egalitarian value and investigate the effect that different well-known properties like ordinality, envy-freeness, and truthfulness have on the achievable egalitarian value. Finally, we conduct detailed experiments analyzing the tradeoffs between efficiency with envy-freeness or truthfulness using two prominent random assignment mechanisms --- random serial dictatorship and the probabilistic serial mechanism --- for different classes of utility functions and distributions.