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A solution concept for housing market problems with externalities

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  • Alfredo Salgado-Torres

    ()
    (Universidad Carlos III de Madrid)

Abstract

Since 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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File URL: http://www.accessecon.com/Pubs/EB/2011/Volume31/EB-11-V31-I1-P60.pdf
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Bibliographic Info

Article provided by AccessEcon in its journal Economics Bulletin.

Volume (Year): 31 (2011)
Issue (Month): 1 ()
Pages: 623-630

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Handle: RePEc:ebl:ecbull:eb-10-00807

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Related research

Keywords: Housing markets; the core; externalities; Pareto efficiency; No-regret condition;

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  1. Geoffroy de Clippel & Roberto Serrano, 2005. "Marginal Contributions And Externalities In The Value," Economics Working Papers we057339, Universidad Carlos III, Departamento de Economía.
  2. Macho-Stadler, Ines & Perez-Castrillo, David & Wettstein, David, 2007. "Sharing the surplus: An extension of the Shapley value for environments with externalities," Journal of Economic Theory, Elsevier, vol. 135(1), pages 339-356, July.
  3. Mumcu, Ayse & Saglam, Ismail, 2006. "One-to-One Matching with Interdependent Preferences," MPRA Paper 1908, University Library of Munich, Germany.
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