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Comparative Statics in Markets for Indivisible Goods

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  • Andrew Caplin
  • John V. Leahy

Abstract

We complete the study of comparative statics initiated in Caplin and Leahy [2010], which introduced a new mathematical apparatus for understanding NTU allocation markets, as such covering the housing market and other markets for large indivisible goods. We introduce homotopy methods to characterize how equilibrium changes in response to arbitrary parameter changes. Generically, we show that there can be five and only five qualitatively distinct forms of market transition: Graft; Prune and Plant; Prune and Graft; Cycle and Reverse; and Shift and Replant. Our path-following methods identify new algorithms for computing market equilibria.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 16285.

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Date of creation: Aug 2010
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Handle: RePEc:nbr:nberwo:16285

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  1. Demange, Gabrielle & Gale, David, 1985. "The Strategy Structure of Two-sided Matching Markets," Econometrica, Econometric Society, Econometric Society, vol. 53(4), pages 873-88, July.
  2. Demange, Gabrielle & Gale, David & Sotomayor, Marilda, 1986. "Multi-Item Auctions," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 94(4), pages 863-72, August.
  3. Kaneko, Mamoru, 1982. "The central assignment game and the assignment markets," Journal of Mathematical Economics, Elsevier, vol. 10(2-3), pages 205-232, September.
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Cited by:
  1. Andrew Caplin & John V. Leahy, 2010. "A Graph Theoretic Approach to Markets for Indivisible Goods," NBER Working Papers 16284, National Bureau of Economic Research, Inc.

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