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Top Trading Cycles vs. the Crawler: The Role of Obvious Strategy-Proofness

Author

Listed:
  • Aleksei Chernulich

    (University of Durham)

  • Nobuyuki Hanaki

    (The University of Osaka)

  • Yuki Tamura

    (Centre de Recherche en Économie et Statistique (CREST))

Abstract

Obvious strategy-proofness makes truth-telling, in theory, an obvious choice. We experimentally study its role in the object-reallocation problem with single-peaked preferences. We compare two efficient and strategy-proof mechanisms, Top Trading Cycles and the Crawler, under static and gradual implementations. In our experi ment, all four mechanisms generate the same outcome under truth-telling, but only the Gradual Crawler is obviously strategy-proof. The Gradual Crawler achieves significantly higher empirical efficiency than the other mechanisms. By contrast, the Gradual TTC does not outperform the Static TTC, suggesting that gradual implementation alone is not sufficient and that the Gradual Crawler benefits from its stop-or-continue procedure.

Suggested Citation

  • Aleksei Chernulich & Nobuyuki Hanaki & Yuki Tamura, 2026. "Top Trading Cycles vs. the Crawler: The Role of Obvious Strategy-Proofness," Department of Economics Working Papers 2026_11, Durham University, Department of Economics.
    • Handle: RePEc:dur:durham:2026_11
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    JEL classification:

    • C78 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Bargaining Theory; Matching Theory
    • C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
    • D47 - Microeconomics - - Market Structure, Pricing, and Design - - - Market Design

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