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Dynamics, Stability, and Foresight in the Shapley-Scarf Housing Market

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Author Info
Yoshio Kamijo (Waseda University)
Ryo Kawasaki (Tokyo Institute of Technology)

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Abstract

While most of the literature starting with Shapley and Scarf (1974) have considered a static exchange economy with indivisibilities, this paper studies the dynamics of such an economy. We find that both the dynamics generated by competitive equilibrium and the one generated by weakly dominance relation, converge to a set of allocations we define as strictly stable, which we can show to exist. Moreover, we show that even when only pairwise exchanges between two traders are allowed, the strictly stable allocations are attained eventually if traders are sufficiently farsighted.

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Publisher Info
Paper provided by Fondazione Eni Enrico Mattei in its series Working Papers with number 2009.51.

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Date of creation: Jun 2009
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Handle: RePEc:fem:femwpa:2009.51

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Related research
Keywords: Indivisible Goods Market; Dynamics; Competitive Allocation; Strict Core; Foresight; Stable Set;

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Find related papers by JEL classification:
D78 - Microeconomics - - Analysis of Collective Decision-Making - - - Positive Analysis of Policy-Making and Implementation
C71 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Cooperative Games

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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.:
  1. Shapley, Lloyd & Scarf, Herbert, 1974. "On cores and indivisibility," Journal of Mathematical Economics, Elsevier, vol. 1(1), pages 23-37, March. [Downloadable!] (restricted)
  2. 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. [Downloadable!] (restricted)
  3. 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. [Downloadable!] (restricted)
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This page was last updated on 2009-12-3.

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