Dr. Huaxia ZENG is now an Associate Professor of Economics at the Shanghai University of Finance and Economics. He earned his Ph.D. in Economics from the Singapore Management University in 2016. His research interests include Economic Theory and Mechanism Design. He has his paper published in Journal of Economic Theory, Games and Economic Behavior and Journal of Mathematical Economics.

New fairness notions in align with the merit principle are proposed for designing exchange rules. We show that, for an obviously strategy-proof, efficient and individually rational rule, an upper bound of fairness attainable is that, if two agents possess objects considered the best by two equal groups, then at least one receives her favorite object. Notably, it is not possible to guarantee them both receiving favorites. Our results thus indicate an unambiguous trade-off between incentives and fairness in the design of exchange rules.

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