Advanced Search
MyIDEAS: Login to save this paper or follow this series

On the Shapley-Scarf Economy: The Case of Multiple Types of Indivisible Goods

Contents:

Author Info

  • Hideo Konishi

    ()
    (Boston College)

  • Thomas Quint

    ()
    (University of Nevada at Reno)

  • Jun Wako

    ()
    (Gakushuuin University)

Abstract

We study a generalization of Shapley-Scarf's (1974) economy in which multiple types of indivisible goods are traded. We show that many of the distinctive results from the Shapley-Scarf economy do not carry over to this model, even if agents' preferences are strict and can be represented by additively separable utility functions. The core may be empty. The strict core, if nonempty, may be multi-valued, and might not coincide with the set of competitive allocations. Furthermore, there is no Pareto efficient, individually rational, and strategy-proof social choice rule. We also show that the core may be empty in the class of economies with a single type of indivisible good and agents consuming multiple units, even if no complementarity exists among the goods.

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL: http://fmwww.bc.edu/EC-P/wp484.pdf
File Function: main text
Download Restriction: no

Bibliographic Info

Paper provided by Boston College Department of Economics in its series Boston College Working Papers in Economics with number 484.

as in new window
Length: 16 pages
Date of creation: 20 Jul 2000
Date of revision:
Publication status: published, Journal of Mathematical Economics 35, 1-15, (2001).
Handle: RePEc:boc:bocoec:484

Contact details of provider:
Postal: Boston College, 140 Commonwealth Avenue, Chestnut Hill MA 02467 USA
Phone: 617-552-3670
Fax: +1-617-552-2308
Email:
Web page: http://fmwww.bc.edu/EC/
More information through EDIRC

Related research

Keywords: Shapley-Scarf economy; Core; Separable preferences; strategy-proofness; competitive equilibrium;

Other versions of this item:

Find related papers by JEL classification:

References

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
as in new window
  1. Roth, Alvin E., 1982. "Incentive compatibility in a market with indivisible goods," Economics Letters, Elsevier, vol. 9(2), pages 127-132.
  2. Suryapratim Banerjee & Hideo Konishi & Tayfun Sonmez, 1999. "Core in a Simple Coalition Formation Game," Boston College Working Papers in Economics 449, Boston College Department of Economics.
  3. Dutta, Bhaskar & Mutuswami, Suresh, 1997. "Stable Networks," Journal of Economic Theory, Elsevier, vol. 76(2), pages 322-344, October.
    • Dutta, Bhaskar & Mutuswami, Suresh, 1996. "Stable Networks," Working Papers 971, California Institute of Technology, Division of the Humanities and Social Sciences.
  4. Sonmez, Tayfun, 1996. "Implementation in generalized matching problems," Journal of Mathematical Economics, Elsevier, vol. 26(4), pages 429-439.
  5. Dutta, Bhaskar & Ray, Debraj, 1989. "A Concept of Egalitarianism under Participation Constraints," Econometrica, Econometric Society, vol. 57(3), pages 615-35, May.
  6. Wako, Jun, 1984. "A note on the strong core of a market with indivisible goods," Journal of Mathematical Economics, Elsevier, vol. 13(2), pages 189-194, October.
  7. Fudenberg, Drew & Maskin, Eric, 1986. "The Folk Theorem in Repeated Games with Discounting or with Incomplete Information," Econometrica, Econometric Society, vol. 54(3), pages 533-54, May.
  8. Abreu, Dilip, 1988. "On the Theory of Infinitely Repeated Games with Discounting," Econometrica, Econometric Society, vol. 56(2), pages 383-96, March.
  9. Bloch, Francis, 1996. "Sequential Formation of Coalitions in Games with Externalities and Fixed Payoff Division," Games and Economic Behavior, Elsevier, vol. 14(1), pages 90-123, May.
  10. Rajiv Vohra & In-Koo Cho & Kevin Jewell, 2002. "A simple model of coalitional bidding," Economic Theory, Springer, vol. 19(3), pages 435-457.
  11. Tayfun Sonmez, 1999. "Strategy-Proofness and Essentially Single-Valued Cores," Econometrica, Econometric Society, vol. 67(3), pages 677-690, May.
  12. 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.
  13. Shapley, Lloyd & Scarf, Herbert, 1974. "On cores and indivisibility," Journal of Mathematical Economics, Elsevier, vol. 1(1), pages 23-37, March.
  14. Bernheim, B. Douglas & Peleg, Bezalel & Whinston, Michael D., 1987. "Coalition-Proof Nash Equilibria I. Concepts," Journal of Economic Theory, Elsevier, vol. 42(1), pages 1-12, June.
  15. Bogomolnaia, Anna & Jackson, Matthew O., 2002. "The Stability of Hedonic Coalition Structures," Games and Economic Behavior, Elsevier, vol. 38(2), pages 201-230, February.
  16. Chwe Michael Suk-Young, 1994. "Farsighted Coalitional Stability," Journal of Economic Theory, Elsevier, vol. 63(2), pages 299-325, August.
  17. Chatterjee, Kalyan & Bhaskar Dutta & Debraj Ray & Kunal Sengupta, 1993. "A Noncooperative Theory of Coalitional Bargaining," Review of Economic Studies, Wiley Blackwell, vol. 60(2), pages 463-77, April.
  18. Quint, Thomas, 1997. "Restricted houseswapping games," Journal of Mathematical Economics, Elsevier, vol. 27(4), pages 451-470, May.
  19. Francis Bloch, 1995. "Endogenous Structures of Association in Oligopolies," RAND Journal of Economics, The RAND Corporation, vol. 26(3), pages 537-556, Autumn.
  20. 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.
  21. Dutta, Bhaskar & Ray, Debraj & Sengupta, Kunal & Vohra, Rajiv, 1989. "A consistent bargaining set," Journal of Economic Theory, Elsevier, vol. 49(1), pages 93-112, October.
Full references (including those not matched with items on IDEAS)

Citations

Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
as in new window

Cited by:
  1. Budish, Eric & Cantillon, Estelle, 2010. "The Multi-unit Assignment Problem: Theory and Evidence from Course Allocation at Harvard," CEPR Discussion Papers 7641, C.E.P.R. Discussion Papers.
  2. Dinko Dimitrov & Claus-Jochen Haake, 2005. "Regrouping of endowments in exchange markets with indivisible goods," Working Papers 367, Bielefeld University, Center for Mathematical Economics.
  3. Inoue, Tomoki, 2008. "Indivisible commodities and the nonemptiness of the weak core," Journal of Mathematical Economics, Elsevier, vol. 44(2), pages 96-111, January.
  4. Aziz, Haris & Brandt, Felix & Harrenstein, Paul, 2013. "Pareto optimality in coalition formation," Games and Economic Behavior, Elsevier, vol. 82(C), pages 562-581.
  5. Morimitsu Kurino, 2014. "House Allocation with Overlapping Generations," American Economic Journal: Microeconomics, American Economic Association, vol. 6(1), pages 258-89, February.

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:boc:bocoec:484. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Christopher F Baum).

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.