The analysis is developed in the context of the "housemates problem," in which the rent for a house (the bad) must be apportioned among several housemates, each of whom is entitled to receive one room (the good). Each housemate is assumed to have the same endowment, so the auction of rooms is a "relativized" one--only relative, not absolute, bids for each room matter. Other applications of the Gap Procedure, in which player endowments and entitlements may be different, or the procedure may be carried out in rounds, are discussed.
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Paper provided by C.V. Starr Center for Applied Economics, New York University in its series Working Papers with number
99-05.
Find related papers by JEL classification: D44 - Microeconomics - - Market Structure and Pricing - - - Auctions D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
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Brams, S. J. & Eldelman, P. H. & Fishburn, P. C., 2000.
"Paradoxes of Fair Division,"
Working Papers
00-13, C.V. Starr Center for Applied Economics, New York University.
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