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Some Characterizations of TTC in Multiple-Object Exchange Problems

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  • Jacob Coreno

Abstract

This paper considers exchange of indivisible objects when agents are endowed with and desire bundles of objects. Agents are assumed to have lexicographic preferences over bundles. We show that Top Trading Cycles (TTC) is characterized by efficiency, the weak endowment lower bound, balancedness, and truncation-proofness. In the classic Shapley--Scarf Economy, TTC is characterized by efficiency, individual rationality, and truncation-proofness. These results strengthen the uniqueness results of Ma (1994) and, more recently, Altunta\c{s} et al. (2023). In a model with variable endowments, TTC is susceptible to various forms of endowment manipulation. However, no rule is core-selecting and hiding-proof.

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  • Jacob Coreno, 2024. "Some Characterizations of TTC in Multiple-Object Exchange Problems," Papers 2404.04822, arXiv.org.
    • Handle: RePEc:arx:papers:2404.04822
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    File URL: http://arxiv.org/pdf/2404.04822
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