Strategy-Proofness, Core, and Sequential Trade
We extend the Shapley-Scarf (1974) model - where a finite number of indivisible objects is to be allocated among a finite number of individuals - to the case where the primary endowment set of an individual may contain none, one, or several objects and where property rights may be transferred (objects inherited) as the allocation process unfolds, under the retained assumption that an individual consumes at most one object. In this environment we analyze the core of the economy and characterize the set of strategy-proof and Pareto efficient mechanisms. From a dual perspective, we consider property rights implicitly defined by a strategy-proof and Pareto efficient mechanism and show a core property for the mechanism-induced endowment rule.
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|Date of creation:||04 Feb 2002|
|Date of revision:||09 May 2003|
|Publication status:||Published in Review of Economic Design, 2005, pages 167-190.|
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Web page: http://www.nek.lu.se/en
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- Lars-Gunnar Svensson, 1999. "Strategy-proof allocation of indivisible goods," Social Choice and Welfare, Springer, vol. 16(4), pages 557-567.
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- Ma, Jinpeng, 1994. "Strategy-Proofness and the Strict Core in a Market with Indivisibilities," International Journal of Game Theory, Springer, vol. 23(1), pages 75-83.
- Mark A. Satterthwaite & Hugo Sonnenschein, 1979. "Strategy-Proof Allocation Mechanisms," Discussion Papers 395, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Tayfun Sonmez, 1999. "Strategy-Proofness and Essentially Single-Valued Cores," Econometrica, Econometric Society, vol. 67(3), pages 677-690, May.
- Roth, Alvin E. & Postlewaite, Andrew, 1977. "Weak versus strong domination in a market with indivisible goods," Journal of Mathematical Economics, Elsevier, vol. 4(2), pages 131-137, August.
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