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Endowments, Exclusion, and Exchange

Listed author(s):
  • Balbuzanov, Ivan

    (University of Melbourne)

  • Kotowski, Maciej H.

    (Harvard University)

We propose a new cooperative solution for discrete exchange economies and resource allocation problems, the exclusion core. The exclusion core is neither weaker nor stronger than the (strong) core and it rests upon a foundational idea in the legal understanding of property, the right to exclude others. By reinterpreting endowments as a distribution of exclusion rights, we can extend our analysis to economies with qualified property rights and social hierarchies. The exclusion core characterizes a generalized top trading cycle algorithm in a large class of economies, including those featuring private and public ownership.

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Paper provided by Harvard University, John F. Kennedy School of Government in its series Working Paper Series with number rwp17-016.

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Date of creation: Mar 2017
Handle: RePEc:ecl:harjfk:rwp17-016
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