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An impossibility in housing markets with contracts

Author

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  • Jinyong Jeong

    (Li Anmin Institute of Economic Research, Liaoning University)

Abstract

This paper extends the classical housing-market model of Shapley and Scarf (1974) to an environment with contractual terms and demonstrates an impossibility result: no mechanism can simultaneously satisfy Pareto efficiency, term-consistent property rights, and strategy-proofness. The result isolates how introducing contractual dimensions disrupts the alignment of incentives that underlies the top trading cycles mechanism. The analysis identifies the minimal structure generating nonexistence and clarifies the limits of truthful implementation in exchange economies with indivisible goods and contract-contingent rights.

Suggested Citation

  • Jinyong Jeong, 2026. "An impossibility in housing markets with contracts," Economics Bulletin, AccessEcon, vol. 46(2), pages 767-778.
    • Handle: RePEc:ebl:ecbull:eb-25-00479
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    File URL: http://www.accessecon.com/Pubs/EB/2026/Volume46/EB-26-V46-I2-P66.pdf
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    JEL classification:

    • D4 - Microeconomics - - Market Structure, Pricing, and Design
    • C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory

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