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Optimal assignment of durable objects to successive agents

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  • Francis Bloch

    ()

  • Nicolas Houy

    ()

Abstract

This paper analyzes the assignment of durable objects to successive generations of agents who live for two periods. The optimal assignment rule is stationary, favors old agents and is determined by a selectivity function, which satisfies an iterative functional differential equation. More patient social planners are more selective, as are social planners facing distributions of types with higher probabilities for higher types. The paper also characterizes optimal assignment rules when monetary transfers are allowed and agents face a recovery cost, when multiple agents enter society, and when agents can invest to improve their types. Copyright Springer-Verlag 2012

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File URL: http://hdl.handle.net/10.1007/s00199-011-0616-8
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Bibliographic Info

Article provided by Springer in its journal Economic Theory.

Volume (Year): 51 (2012)
Issue (Month): 1 (September)
Pages: 13-33

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Handle: RePEc:spr:joecth:v:51:y:2012:i:1:p:13-33

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Related research

Keywords: Dynamic assignment; Durable objects; Revenue management; Dynamic mechanism design; Overlapping generations; Promotions and intertemporal assignments; C78; D73; M51;

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References

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  1. Francis Bloch & David Cantala, 2010. "Markovian assignment rules," Serie documentos de trabajo del Centro de Estudios Económicos 2010-18, El Colegio de México, Centro de Estudios Económicos.
  2. S. Christian Albright, 1974. "Optimal Sequential Assignments with Random Arrival Times," Management Science, INFORMS, vol. 21(1), pages 60-67, September.
  3. Waldman, Michael, 1990. "Up-or-Out Contracts: A Signaling Perspective," Journal of Labor Economics, University of Chicago Press, vol. 8(2), pages 230-50, April.
  4. Gershkov, Alex & Moldovanu, Benny, 2010. "Efficient sequential assignment with incomplete information," Games and Economic Behavior, Elsevier, vol. 68(1), pages 144-154, January.
  5. Carmichael, H Lorne, 1988. "Incentives in Academics: Why Is There Tenure?," Journal of Political Economy, University of Chicago Press, vol. 96(3), pages 453-72, June.
  6. Kahn, Charles & Huberman, Gur, 1988. "Two-sided Uncertainty and "Up-or-Out" Contracts," Journal of Labor Economics, University of Chicago Press, vol. 6(4), pages 423-44, October.
  7. Cyrus Derman & Gerald J. Lieberman & Sheldon M. Ross, 1972. "A Sequential Stochastic Assignment Problem," Management Science, INFORMS, vol. 18(7), pages 349-355, March.
  8. Abdulkadiroglu, Atila & Sonmez, Tayfun, 1999. "House Allocation with Existing Tenants," Journal of Economic Theory, Elsevier, vol. 88(2), pages 233-260, October.
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Citations

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Cited by:
  1. Takashi Kamihigashi, 2012. "Elementary Results on Solutions to the Bellman Equation of Dynamic Programming: Existence, Uniqueness, and Convergence," Discussion Paper Series DP2012-31, Research Institute for Economics & Business Administration, Kobe University.
  2. Talia Bar & Vidya Atal & Sidartha Gordon, 2013. "Search, Project Adoption and the Fear of Commitment," Sciences Po Economics Discussion Papers 2013-12, Sciences Po Departement of Economics.
  3. Takashi Kamihigashi, 2013. "An Order-Theoretic Approach to Dynamic Programming: An Exposition," Discussion Paper Series DP2013-29, Research Institute for Economics & Business Administration, Kobe University, revised Nov 2013.

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