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Efficient Combinatorial Exchanges with Opt-Out Types

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  • Hitoshi Matsushima

    (Graduate School of Economics, The University of Tokyo, Tokyo)

Abstract

We investigate combinatorial exchanges as a generalization of auctions and bilateral trades, where multiple heterogeneous commodities are initially possessed not only by a central planner but also by participants. We assume private values, quasi-linearity, risk neutrality, and independent type distribution. Efficiency, Bayesian Incentive Compatibility, and Interim Individual Rationality in a type-dependent manner are required. We introduce a stability notion in the ex-ante term, namely marginal core. By assuming the presence of opt-out types for each player, we show a full characterization in that the central planner inevitably has a deficit if and only if the marginal core is non-empty.

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File URL: http://www.carf.e.u-tokyo.ac.jp/pdf/workingpaper/fseries/306.pdf
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Bibliographic Info

Paper provided by Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo in its series CARF F-Series with number CARF-F-294.

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Length: 25 pages
Date of creation: Nov 2011
Date of revision: Aug 2012
Handle: RePEc:cfi:fseres:cf294

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  1. Sushil Bikhchandani & Shurojit Chatterji & Ron Lavi & Ahuva Mu'alem & Noam Nisan & Arunava Sen, 2006. "Weak Monotonicity Characterizes Deterministic Dominant-Strategy Implementation," Econometrica, Econometric Society, vol. 74(4), pages 1109-1132, 07.
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Cited by:
  1. Hitoshi Matsushima, 2012. "Optimal Multiunit Exchange Design with Single-Dimensionality," CARF F-Series CARF-F-292, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo, revised Sep 2012.

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