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Farsighted House Allocation

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  • Bettina Klaus
  • Flip Klijn
  • Markus Walzl

Abstract

In this note we study von Neumann-Morgenstern farsightedly stable sets for Shapley and Scarf (1974) housing markets. Kawasaki (2008) shows that the set of competitive allocations coincides with the unique von Neumann-Morgenstern stable set based on a farsighted version of antisymmetric weak dominance (cf., Wako, 1999). We demonstrate that the set of competitive allocations also coincides with the unique von Neumann-Morgenstern stable set based on a farsighted version of strong dominance (cf., Roth and Postlewaite, 1977) if no individual is indifferent between his endowment and the endowment of someone else.

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Bibliographic Info

Paper provided by Barcelona Graduate School of Economics in its series Working Papers with number 384.

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Date of creation: Apr 2009
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Handle: RePEc:bge:wpaper:384

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Keywords: housing markets; indivisible goods; farsightedness; von Neumann-Morgenstern stable sets; top trading cycles; competitive allocations;

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  1. Roberto Serrano & Oscar Volij, 2003. "Mistakes in Cooperation: the Stochastic Stability of Edgeworth's Recontracting," Economics Working Papers, Institute for Advanced Study, School of Social Science 0029, Institute for Advanced Study, School of Social Science.
  2. Effrosyni Diamantoudi & Eiichi Miyagawa & Licun Xue, 2002. "Random paths to stability in the roommate problem," Discussion Papers, Columbia University, Department of Economics 0102-65, Columbia University, Department of Economics.
  3. Roth, Alvin E. & Sonmez, Tayfun & Utku Unver, M., 2005. "Pairwise kidney exchange," Journal of Economic Theory, Elsevier, Elsevier, vol. 125(2), pages 151-188, December.
  4. Abdulkadiroglu, Atila & Sonmez, Tayfun, 1999. "House Allocation with Existing Tenants," Journal of Economic Theory, Elsevier, Elsevier, vol. 88(2), pages 233-260, October.
  5. Roth, Alvin E & Vande Vate, John H, 1990. "Random Paths to Stability in Two-Sided Matching," Econometrica, Econometric Society, Econometric Society, vol. 58(6), pages 1475-80, November.
  6. Shapley, Lloyd & Scarf, Herbert, 1974. "On cores and indivisibility," Journal of Mathematical Economics, Elsevier, vol. 1(1), pages 23-37, March.
  7. Roth, Alvin & Ünver, M. Utku & Sönmez, Tayfun, 2004. "Kidney Exchange," Scholarly Articles 2580565, Harvard University Department of Economics.
  8. 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.
  9. John C. Harsanyi, 1974. "An Equilibrium-Point Interpretation of Stable Sets and a Proposed Alternative Definition," Management Science, INFORMS, INFORMS, vol. 20(11), pages 1472-1495, July.
  10. Kawasaki, Ryo, 2010. "Farsighted stability of the competitive allocations in an exchange economy with indivisible goods," Mathematical Social Sciences, Elsevier, Elsevier, vol. 59(1), pages 46-52, January.
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