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Cores and mechanisms in restricted housing markets

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  • Yu, Jingsheng
  • Zhang, Jun

Abstract

We consider two variants of Shapley and Scarf’s (1974) housing market model in which agents’ rights to consume own endowments are restricted but their rights to exchange endowments are unrestricted. In each of the two models, we propose a core notion to characterize allocations that are immune to coalition blocking under such restricted rights. In each model we prove that the corresponding core can be found by a strategy-proof variant of the Top Trading Cycle mechanism. Our results generalize the classical result in the housing market model that the core can be found by the strategy-proof Top Trading Cycle mechanism.

Suggested Citation

  • Yu, Jingsheng & Zhang, Jun, 2022. "Cores and mechanisms in restricted housing markets," Journal of Mathematical Economics, Elsevier, vol. 100(C).
    • Handle: RePEc:eee:mateco:v:100:y:2022:i:c:s0304406821001713
    DOI: 10.1016/j.jmateco.2021.102625
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    References listed on IDEAS

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    1. Pycia, Marek & Unver, Utku, 2017. "Incentive compatible allocation and exchange of discrete resources," Theoretical Economics, Econometric Society, vol. 12(1), January.
    2. Yu, Jingsheng & Zhang, Jun, 2020. "A market design approach to job rotation," Games and Economic Behavior, Elsevier, vol. 120(C), pages 180-192.
    3. Konishi, Hideo & Quint, Thomas & Wako, Jun, 2001. "On the Shapley-Scarf economy: the case of multiple types of indivisible goods," Journal of Mathematical Economics, Elsevier, vol. 35(1), pages 1-15, February.
    4. Shapley, Lloyd & Scarf, Herbert, 1974. "On cores and indivisibility," Journal of Mathematical Economics, Elsevier, vol. 1(1), pages 23-37, March.
    5. Roth, Alvin E., 1982. "Incentive compatibility in a market with indivisible goods," Economics Letters, Elsevier, vol. 9(2), pages 127-132.
    6. Roth, Alvin E. & Postlewaite, Andrew, 1977. "Weak versus strong domination in a market with indivisible goods," Journal of Mathematical Economics, Elsevier, vol. 4(2), pages 131-137, August.
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