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The core of a housing market with externalities

Author

Listed:
  • Ismail Saglam

    (Bogazici University)

  • Ayse Mumcu

    (Bogazici University)

Abstract

It is known that the core of a housing market always exists and contains a unique matching when agents have independent preferences. We show that when preferences of agents are interdependent, there are housing markets with an empty core as well as housing markets with a core containing more than one matching.

Suggested Citation

  • Ismail Saglam & Ayse Mumcu, 2007. "The core of a housing market with externalities," Economics Bulletin, AccessEcon, vol. 3(57), pages 1-5.
    • Handle: RePEc:ebl:ecbull:eb-07c70026
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    File URL: http://www.accessecon.com/pubs/EB/2007/Volume3/EB-07C70026A.pdf
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    References listed on IDEAS

    as
    1. Klaus, Bettina & Klijn, Flip, 2005. "Stable matchings and preferences of couples," Journal of Economic Theory, Elsevier, vol. 121(1), pages 75-106, March.
    2. Mumcu, Ayse & Saglam, Ismail, 2006. "One-to-One Matching with Interdependent Preferences," MPRA Paper 1908, University Library of Munich, Germany.
    3. Echenique, Federico & Yenmez, M. Bumin, 2007. "A solution to matching with preferences over colleagues," Games and Economic Behavior, Elsevier, vol. 59(1), pages 46-71, April.
    4. Atila Abdulkadiroglu & Tayfun Sonmez, 1998. "Random Serial Dictatorship and the Core from Random Endowments in House Allocation Problems," Econometrica, Econometric Society, vol. 66(3), pages 689-702, May.
    5. Klaus, Bettina & Klijn, Flip & Nakamura, Toshifumi, 2009. "Corrigendum to "Stable matchings and preferences of couples" [J. Econ. Theory 121 (1) (2005) 75-106]," Journal of Economic Theory, Elsevier, vol. 144(5), pages 2227-2233, September.
    6. Sasaki, Hiroo & Toda, Manabu, 1996. "Two-Sided Matching Problems with Externalities," Journal of Economic Theory, Elsevier, vol. 70(1), pages 93-108, July.
    7. 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.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. repec:ebl:ecbull:v:4:y:2008:i:33:p:1-8 is not listed on IDEAS
    2. Alfredo Salgado-Torres, 2011. "A solution concept for housing market problems with externalities," Economics Bulletin, AccessEcon, vol. 31(1), pages 623-630.
    3. Maria Gabriella Graziano & Claudia Meo & Nicholas C. Yannelis, 2018. "Housing market models with consumption externalities," CSEF Working Papers 500, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
    4. Ismail Saglam & Ayþe Mumcu, 2008. "Rationalizability of one-to-one matchings with externalities," Economics Bulletin, AccessEcon, vol. 4(33), pages 1-8.
    5. Hong, Miho & Park, Jaeok, 2022. "Core and top trading cycles in a market with indivisible goods and externalities," Journal of Mathematical Economics, Elsevier, vol. 100(C).
    6. Afacan, Mustafa Oğuz & Hu, Gaoji & Li, Jiangtao, 2024. "Housing markets since Shapley and Scarf," Journal of Mathematical Economics, Elsevier, vol. 111(C).
    7. Jens Gudmundsson & Helga Habis, 2017. "Assignment games with externalities revisited," Economic Theory Bulletin, Springer;Society for the Advancement of Economic Theory (SAET), vol. 5(2), pages 247-257, October.
    8. Bettina Klaus & Claudia Meo, 2023. "The core for housing markets with limited externalities," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 76(3), pages 779-811, October.
    9. Ivan Balbuzanov & Maciej H. Kotowski, 2019. "Endowments, Exclusion, and Exchange," Econometrica, Econometric Society, vol. 87(5), pages 1663-1692, September.
    10. Bettina Klaus, 2024. "Characterizing the top trading cycles rule for housing markets with lexicographic preferences," Papers 2410.16745, arXiv.org.
    11. Fonseca-Mairena, María Haydée & Triossi, Matteo, 2022. "Incentives and implementation in allocation problems with externalities," Journal of Mathematical Economics, Elsevier, vol. 99(C).
    12. Piazza, Adriana & Torres-Martínez, Juan Pablo, 2024. "Coalitional stability in matching problems with externalities and random preferences," Games and Economic Behavior, Elsevier, vol. 143(C), pages 321-339.
    13. Mumcu, Ayse & Saglam, Ismail, 2010. "Stable one-to-one matchings with externalities," Mathematical Social Sciences, Elsevier, vol. 60(2), pages 154-159, September.
    14. Gudmundsson, Jens & Habis, Helga, 2013. "Assignment Games with Externalities," Working Papers 2013:27, Lund University, Department of Economics.
    15. Maria Gabriella Graziano & Claudia Meo & Nicholas C. Yannelis, 2020. "Shapley and Scarf housing markets with consumption externalities," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 22(5), pages 1481-1514, September.
    16. Salgado Alfredo, 2020. "Many-to-one Matching: Externalities and Stability," Working Papers 2020-03, Banco de México.

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    JEL classification:

    • C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory

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