Strategy-Proof and Nonbossy Allocation of Indivisible Goods and Money
AbstractWhich strategy-proof nonbossy mechanisms exist in a model with a finite number of indivisible goods (houses, jobs, positions) and a compensating perfectly divisible good (money)? The main finding is that only a finite number of distributions of the divisible good is consistent with strategy-proofness and nonbossiness. Under various additional assumptions - neutrality, individual rationality, object efficiency, weak decentralization - the distribution of the divisible good is further restricted. For instance, under neutrality the outcome of the mechanism can have only one distribution, which is hence independent of individual preferences. In this case the mechanism becomes serially dictatorial. On the other hand, individual rationality leads to a fixed-price equilibrium with a well defined rationing method (Gale's top trading cycle procedure).
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Bibliographic InfoPaper provided by Lund University, Department of Economics in its series Working Papers with number 2000:11.
Length: 23 pages
Date of creation: 18 Sep 2000
Date of revision:
Publication status: Published in Economic Theory , 2002, pages 483-502.
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Postal: Department of Economics, School of Economics and Management, Lund University, Box 7082, S-220 07 Lund,Sweden
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Strategy-proofness; housing market; indivisible objects;
Other versions of this item:
- Lars-Gunnar Svensson & Bo Larsson, 2002. "Strategy-proof and nonbossy allocation of indivisible goods and money," Economic Theory, Springer, vol. 20(3), pages 483-502.
- C71 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Cooperative Games
- C78 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Bargaining Theory; Matching Theory
- D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations
- D78 - Microeconomics - - Analysis of Collective Decision-Making - - - Positive Analysis of Policy Formulation and Implementation
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