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research article : Strategy-proof and nonbossy allocation of indivisible goods and money

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Author Info
Lars-Gunnar Svensson () (Department of Economics, Lund University, Box 7082, S-22007 Lund, SWEDEN)
Bo Larsson () (Department of Economics, Lund University, Box 7082, S-22007 Lund, SWEDEN)
Abstract

Which strategy-proof nonbossy mechanisms exist in a model with a finite number of indivisible goods (houses, jobs, positions) and a perfectly divisible good (money)? The main finding is that only a finite number of distributions of the divisible good is consistent with strategy-proofness and nonbossiness. Under various additional assumptions - neutrality, individual rationality, object efficiency, weak decentralization - the distribution of the divisible good is further restricted. For instance, under neutrality the outcome of the mechanism can have only one distribution, which is hence independent of individual preferences. In this case the mechanism becomes serially dictatorial. On the other hand, individual rationality leads to a fixed price equilibrium with a well-defined rationing method (Gale's top-trading cycle procedure).

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Publisher Info
Article provided by Springer in its journal Economic Theory.

Volume (Year): 20 (2002)
Issue (Month): 3 ()
Pages: 483-502
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Handle: RePEc:spr:joecth:v:20:y:2002:i:3:p:483-502

Note: Received: October 3, 2000; revised version: August 10, 2001
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Related research
Keywords: Strategy-proof; Nonbossy; Indivisible object; Housing market.;

Find related papers by JEL classification:
C71 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Cooperative Games
C78 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Bargaining Theory; Matching Theory
D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations
D78 - Microeconomics - - Analysis of Collective Decision-Making - - - Positive Analysis of Policy-Making and Implementation

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This page was last updated on 2009-12-22.

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