A solution concept for housing market problems with externalities
AbstractSince the core of a housing market with externalities may be empty, we propose as a solution concept the set of allocations that satisfy two basic properties: Pareto efficiency and the No-regret condition. Our main result shows that for any instance of the housing market problem, there always exists at least one allocation that satisfies both properties.
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Bibliographic InfoArticle provided by AccessEcon in its journal Economics Bulletin.
Volume (Year): 31 (2011)
Issue (Month): 1 ()
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Housing markets; the core; externalities; Pareto efficiency; No-regret condition;
Find related papers by JEL classification:
- C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
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2007-04, Instituto Madrileño de Estudios Avanzados (IMDEA) Ciencias Sociales.
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- Geoffroy de Clippel & Roberto Serrano, 2005. "Marginal Contributions and Externalities in the Value," Working Papers 2005-11, Brown University, Department of Economics.
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- Geoffroy de Clippel & Roberto Serrano, 2005. "Marginal Contributions And Externalities In The Value," Economics Working Papers we057339, Universidad Carlos III, Departamento de Economía.
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