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Non-manipulable house exchange under (minimum) equilibrium prices

Author

Listed:
  • Svensson, Lars-Gunnar
  • Andersson, Tommy
  • Ehlers, Lars

Abstract

We consider a market with indivisible objects, called houses, and monetary transfers. Each house is initially occupied by one agent and each agent demands exactly one house. The problem is to identify the complete set of direct allocation mechanisms that can be used to reallocate the houses among the agents. On the one hand, for price eq1uilibrium mechanisms, we show that the only non-manipulable mechanism is one with a minimum equilibrium price vector. The result is not true on the classic or the quasi-linear domains, but on reduced domains of preference profiles containing “almost all” profiles in the classic or the quasi-linear domain, respectively. On the other hand, while minimum price equilibrium mechanisms are not necessarily efficient (as prices are not zero), we show that no non-manipulable mechanism Pareto dominates a minimum price equilibrium mechanism, making them constrained efficient in the class of non-manipulable mechanisms.

Suggested Citation

  • Svensson, Lars-Gunnar & Andersson, Tommy & Ehlers, Lars, 2026. "Non-manipulable house exchange under (minimum) equilibrium prices," Games and Economic Behavior, Elsevier, vol. 155(C), pages 270-286.
    • Handle: RePEc:eee:gamebe:v:155:y:2026:i:c:p:270-286
    DOI: 10.1016/j.geb.2025.11.004
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    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
    • D47 - Microeconomics - - Market Structure, Pricing, and Design - - - Market Design
    • D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations
    • D78 - Microeconomics - - Analysis of Collective Decision-Making - - - Positive Analysis of Policy Formulation and Implementation

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