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Efficient Combinatorial Exchanges with Opt-Out Types (Revised version of CARF-F-258)(Published in the B. E. Journal of Theoretical Economics 19 (1), 2019.)

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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.

Suggested Citation

  • Hitoshi Matsushima, 2011. "Efficient Combinatorial Exchanges with Opt-Out Types (Revised version of CARF-F-258)(Published in the B. E. Journal of Theoretical Economics 19 (1), 2019.)," CARF F-Series CARF-F-294, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo, revised 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, July.
    2. Kalyan Chatterjee & William Samuelson, 1983. "Bargaining under Incomplete Information," Operations Research, INFORMS, vol. 31(5), pages 835-851, October.
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    Cited by:

    1. Shirata, Yasuhiro, 2017. "First price package auction with many traders," Journal of Mathematical Economics, Elsevier, vol. 69(C), pages 71-83.
    2. 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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