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Cycles and Third-Party Payments in the Partnership Formation Problem

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  • Gudmundsson, Jens

    ()
    (Department of Economics, Lund University)

Abstract

We characterize the core of the partnership formation problem (Talman and Yang, Journal of Mathematical Economics 47, 2011) using cycles in the solution of a linear programming problem. The cycles also lead us to a new and intuitive sufficient condition for the existence of equilibrium, generalizing known results. We then introduce the partnership-stable equilibrium, a weakened solution concept in the sense that each equilibrium is also a partnership-stable equilibrium, and find sufficient and necessary conditions for its existence. Finally, we conduct a simulation study to see how often existence is an issue and which factors affect the rate at which problems have solutions.

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File URL: http://project.nek.lu.se/publications/workpap/papers/WP13_16.pdf
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Bibliographic Info

Paper provided by Lund University, Department of Economics in its series Working Papers with number 2013:16.

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Length: 19 pages
Date of creation: 30 May 2013
Date of revision:
Handle: RePEc:hhs:lunewp:2013_016

Contact details of provider:
Postal: Department of Economics, School of Economics and Management, Lund University, Box 7082, S-220 07 Lund,Sweden
Phone: +46 +46 222 0000
Fax: +46 +46 2224613
Web page: http://www.nek.lu.se/en
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Keywords: Partnership; equilibrium; linear programming; cycles; third-party payments;

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  1. Talman, A.J.J. & Yang, Z.F., 2008. "A Model of Partnership Formation," Discussion Paper 2008-103, Tilburg University, Center for Economic Research.
  2. Tommy Andersson & Jens Gudmundsson & Dolf Talman & Zaifu Yang, 2013. "A Competitive Partnership Formation Process," Discussion Papers 13/04, Department of Economics, University of York.
  3. Bettina Klaus & Alexandru Nichifor, 2010. "Consistency in one-sided assignment problems," Social Choice and Welfare, Springer, vol. 35(3), pages 415-433, September.
  4. Johan Karlander & Kimmo Eriksson, 2001. "Stable outcomes of the roommate game with transferable utility," International Journal of Game Theory, Springer, vol. 29(4), pages 555-569.
  5. Chung, Kim-Sau, 2000. "On the Existence of Stable Roommate Matchings," Games and Economic Behavior, Elsevier, vol. 33(2), pages 206-230, November.
  6. Gudmundsson, Jens, 2013. "A Review of the Existence of Stable Roommate Matchings," Working Papers 2013:8, Lund University, Department of Economics.
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