We extend the Shapley-Scarf (1974) model - where a finite number of indivisible objects is to be allocated among a finite number of individuals - to the case where the primary endowment set of an individual may contain none, one, or several objects and where property rights may be transferred (objects inherited) as the allocation process unfolds, under the retained assumption that an individual consumes at most one object. In this environment we analyze the core of the economy and characterize the set of strategy-proof and Pareto efficient mechanisms. From a dual perspective, we consider property rights implicitly defined by a strategy-proof and Pareto efficient mechanism and show a core property for the mechanism-induced endowment rule.
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Paper provided by Lund University, Department of Economics in its series Working Papers with number
2002:14.
Length: 28 pages Date of creation: 04 Feb 2002 Date of revision:
09 May 2003 Publication status: Published in Review of Economic Design, 2005, pages 167-190. Handle: RePEc:hhs:lunewp:2002_014
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Find related papers by JEL classification: 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-Making and Implementation
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