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Pareto-Optimal Assignments by Hierarchical Exchange

  • Sophie Bade

    ()

    (Max Planck Institute for Research on Collective Goods, Bonn)

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    A version of the Second Fundamental Theorem of Welfare Economics that applies to a money-free environment, in which a set of indivisible goods needs to be matched to some set of agents, is established. In such environments, "trade" can be identi ed with the set of hierarchical exchange mechanisms de ned by Papai (2000). Papai (2000)'s result – that any such mechanism yields Pareto-optimal allocations – can be interpreted as a version of the First Fundamental Theorem of Welfare Economics for the given environment. In this note, I show that for any Pareto-optimal allocation and any hierarchical exchange mechanism one can nd an initial allocation of ownership rights, such that the given Pareto-optimal allocation arises as a result of trade.

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    File URL: http://www.coll.mpg.de/pdf_dat/2011_11online.pdf
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    Paper provided by Max Planck Institute for Research on Collective Goods in its series Working Paper Series of the Max Planck Institute for Research on Collective Goods with number 2011_11.

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    Date of creation: Jun 2011
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    Handle: RePEc:mpg:wpaper:2011_11
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    1. Roth, Alvin & Ünver, M. Utku & Sönmez, Tayfun, 2004. "Kidney Exchange," Scholarly Articles 2580565, Harvard University Department of Economics.
    2. EHLERS, Lars & KLAUS, Bettina, 2005. "Consistent House Allocation," Cahiers de recherche 2005-08, Universite de Montreal, Departement de sciences economiques.
    3. Onur Kesten, 2009. "Coalitional strategy-proofness and resource monotonicity for house allocation problems," International Journal of Game Theory, Springer, vol. 38(1), pages 17-21, March.
    4. Lars Ehlers & Bettina Klaus, 2003. "Resource-Monotonicity for House Allocation Problems," UFAE and IAE Working Papers 566.03, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
    5. Marek Pycia & M. Utku Ünver, 2009. "Incentive Compatible Allocation and Exchange of Discrete Resources," Boston College Working Papers in Economics 715, Boston College Department of Economics, revised 11 Mar 2014.
    6. Atila Abdulkadiroglu & Tayfun Sonmez, 1998. "Random Serial Dictatorship and the Core from Random Endowments in House Allocation Problems," Econometrica, Econometric Society, vol. 66(3), pages 689-702, May.
    7. Miyagawa, Eiichi, 2002. "Strategy-Proofness and the Core in House Allocation Problems," Games and Economic Behavior, Elsevier, vol. 38(2), pages 347-361, February.
    8. Ergin, Haluk I., 2000. "Consistency in house allocation problems," Journal of Mathematical Economics, Elsevier, vol. 34(1), pages 77-97, August.
    9. Szilvia Papai, 2000. "Strategyproof Assignment by Hierarchical Exchange," Econometrica, Econometric Society, vol. 68(6), pages 1403-1434, November.
    10. Ehlers, Lars & Klaus, Bettina & Papai, Szilvia, 2002. "Strategy-proofness and population-monotonicity for house allocation problems," Journal of Mathematical Economics, Elsevier, vol. 38(3), pages 329-339, November.
    11. 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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