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Generalized three-sided assignment markets: core consistency and competitive prices

Author

Listed:
  • Ata Atay

    () (Universitat de Barcelona)

  • Francesc Llerena

    () (Universitat Rovira i Virgili-CREIP)

  • Marina Núñez

    () (Universitat de Barcelona)

Abstract

Abstract A generalization of the classical three-sided assignment market is considered, where value is generated by pairs or triplets of agents belonging to different sectors, as well as by individuals. For these markets we represent the situation that arises when some agents leave the market with some payoff by means of a generalization of Owen (Ann Econ Stat 25–26:71–79, 1992) derived market. Consistency with respect to the derived market, together with singleness best and individual anti-monotonicity, axiomatically characterize the core for these generalized three-sided assignment markets. When one sector is formed by buyers and the other by two different type of sellers, we show that the core coincides with the set of competitive equilibrium payoff vectors.

Suggested Citation

  • Ata Atay & Francesc Llerena & Marina Núñez, 2016. "Generalized three-sided assignment markets: core consistency and competitive prices," TOP: An Official Journal of the Spanish Society of Statistics and Operations Research, Springer;Sociedad de Estadística e Investigación Operativa, vol. 24(3), pages 572-593, October.
  • Handle: RePEc:spr:topjnl:v:24:y:2016:i:3:d:10.1007_s11750-016-0409-0
    DOI: 10.1007/s11750-016-0409-0
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    References listed on IDEAS

    as
    1. S. Miquel & M. Núñez, 2011. "The maximum and the addition of assignment games," TOP: An Official Journal of the Spanish Society of Statistics and Operations Research, Springer;Sociedad de Estadística e Investigación Operativa, vol. 19(1), pages 189-212, July.
    2. Stuart, Harborne Jr, 1997. "The supplier-firm-buyer game and its m-sided generalization," Mathematical Social Sciences, Elsevier, vol. 34(1), pages 21-27, August.
    3. Quint, Thomas, 1991. "The core of an m-sided assignment game," Games and Economic Behavior, Elsevier, vol. 3(4), pages 487-503, November.
    4. Guillermo Owen, 1992. "The Assignment Game : The Reduced Game," Annals of Economics and Statistics, GENES, issue 25-26, pages 71-79.
    5. Peleg, B, 1986. "On the Reduced Game Property and Its Converse," International Journal of Game Theory, Springer;Game Theory Society, vol. 15(3), pages 187-200.
    6. repec:adr:anecst:y:1992:i:25-26 is not listed on IDEAS
    7. Sasaki, Hiroo, 1995. "Consistency and Monotonicity in Assignment Problems," International Journal of Game Theory, Springer;Game Theory Society, vol. 24(4), pages 373-397.
    8. repec:adr:anecst:y:1992:i:25-26:p:03 is not listed on IDEAS
    9. Kaneko, Mamoru & Wooders, Myrna Holtz, 1982. "Cores of partitioning games," Mathematical Social Sciences, Elsevier, vol. 3(4), pages 313-327, December.
    10. Peter Sudhölter & Yan-An Hwang, 2001. "Axiomatizations of the core on the universal domain and other natural domains," International Journal of Game Theory, Springer;Game Theory Society, vol. 29(4), pages 597-623.
    11. Oriol Tejada, 2010. "A note on competitive prices in multilateral assignment markets," Economics Bulletin, AccessEcon, vol. 30(1), pages 658-662.
    12. Toda, Manabu, 2005. "Axiomatization of the core of assignment games," Games and Economic Behavior, Elsevier, vol. 53(2), pages 248-261, November.
    13. Quint, Thomas, 1991. "Necessary and sufficient conditions for balancedness in partitioning games," Mathematical Social Sciences, Elsevier, vol. 22(1), pages 87-91, August.
    14. Keiding, Hans, 1986. "An axiomatization of the core of a cooperative game," Economics Letters, Elsevier, vol. 20(2), pages 111-115.
    15. Oriol Tejada, 2013. "Complements and Substitutes in Generalized Multisided Assignment Economies," CER-ETH Economics working paper series 13/180, CER-ETH - Center of Economic Research (CER-ETH) at ETH Zurich.
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