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Strategy-proofness, core, and sequential trade

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  • Lars-Gunnar Svensson

    ()

  • Bo Larsson

    ()

Abstract

We extend the Shapley-Scarf (1974) model - where a finite number of indivisible objects is to be allocated among a finite number of individuals - to the case where the primary endowment set of an individual may contain none, one, or several objects and where property rights may be transferred (objects inherited) as the allocation process unfolds, under the retained assumption that an individual consumes at most one object. In this environment we analyze the core of the economy and characterize the set of strategy-proof and Pareto efficient mechanisms. As an alternative approach, we consider property rights implicitly defined by a strategy-proof and Pareto efficient mechanism and show a core property for the mechanism-induced endowment rule. Copyright Springer-Verlag Berlin/Heidelberg 2005

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Bibliographic Info

Article provided by Springer in its journal Review of Economic Design.

Volume (Year): 9 (2005)
Issue (Month): 2 (04)
Pages: 167-190

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Handle: RePEc:spr:reecde:v:9:y:2005:i:2:p:167-190

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Keywords: Strategy-proof; core; housing market; sequential trade;

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References

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  1. Ma, Jinpeng, 1994. "Strategy-Proofness and the Strict Core in a Market with Indivisibilities," International Journal of Game Theory, Springer, vol. 23(1), pages 75-83.
  2. Ehlers, Lars & Klaus, Bettina & Papai, Szilvia, 2002. "Strategy-proofness and population-monotonicity for house allocation problems," Journal of Mathematical Economics, Elsevier, vol. 38(3), pages 329-339, November.
  3. 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.
  4. Tayfun Sonmez, 1999. "Strategy-Proofness and Essentially Single-Valued Cores," Econometrica, Econometric Society, Econometric Society, vol. 67(3), pages 677-690, May.
  5. Shapley, Lloyd & Scarf, Herbert, 1974. "On cores and indivisibility," Journal of Mathematical Economics, Elsevier, vol. 1(1), pages 23-37, March.
  6. Groves, Theodore, 1973. "Incentives in Teams," Econometrica, Econometric Society, Econometric Society, vol. 41(4), pages 617-31, July.
  7. Abdulkadiroglu, Atila & Sonmez, Tayfun, 1999. "House Allocation with Existing Tenants," Journal of Economic Theory, Elsevier, vol. 88(2), pages 233-260, October.
  8. Lars-Gunnar Svensson, 1999. "Strategy-proof allocation of indivisible goods," Social Choice and Welfare, Springer, Springer, vol. 16(4), pages 557-567.
  9. Szilvia Papai, 2000. "Strategyproof Assignment by Hierarchical Exchange," Econometrica, Econometric Society, Econometric Society, vol. 68(6), pages 1403-1434, November.
  10. Mark A. Satterthwaite & Hugo Sonnenschein, 1979. "Strategy-Proof Allocation Mechanisms," Discussion Papers, Northwestern University, Center for Mathematical Studies in Economics and Management Science 395, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
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Cited by:
  1. Larsson, Bo & Svensson, Lars-Gunnar, 2006. "Strategy-proof voting on the full preference domain," Mathematical Social Sciences, Elsevier, vol. 52(3), pages 272-287, December.
  2. Ekici, Özgün, 2013. "Reclaim-proof allocation of indivisible objects," Games and Economic Behavior, Elsevier, vol. 81(C), pages 1-10.
  3. Carroll, Gabriel, 2014. "A general equivalence theorem for allocation of indivisible objects," Journal of Mathematical Economics, Elsevier, vol. 51(C), pages 163-177.

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