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The Coordinate-Wise Core for Multiple-Type Housing Markets is Second-Best Incentive Compatible

  • Klaus,Bettina

    (METEOR)

We consider the generalization of Shapley and Scarf''s (1974) model of trading indivisible objects (houses) to so-called multiple-type housing markets. We show (Theorem 1) that the prominent solution for these markets, the coordinate-wise core rule, is second-best incentive compatible. In other words, there exists no other strategy-proof trading rule that Pareto dominates the coordinate-wise core rule. Given that for multiple-type housing markets Pareto efficiency, strategy-proofness, and individual rationality are not compatible, by Theorem 1 we show that applying the coordinate-wise core rule is a minimal concession with respect to Pareto efficiency while preserving strategy-proofness and individual rationality.

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Paper provided by Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR) in its series Research Memorandum with number 018.

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Date of creation: 2005
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Handle: RePEc:unm:umamet:2005018
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  1. Sonmez, Tayfun & Utku Unver, M., 2005. "House allocation with existing tenants: an equivalence," Games and Economic Behavior, Elsevier, vol. 52(1), pages 153-185, July.
  2. 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.
  3. 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.
  4. Tayfun Sonmez, 1999. "Strategy-Proofness and Essentially Single-Valued Cores," Econometrica, Econometric Society, vol. 67(3), pages 677-690, May.
  5. Roth, Alvin E., 1982. "Incentive compatibility in a market with indivisible goods," Economics Letters, Elsevier, vol. 9(2), pages 127-132.
  6. Yan Chen & Tayfun S�nmez, 2002. "Improving Efficiency of On-Campus Housing: An Experimental Study," American Economic Review, American Economic Association, vol. 92(5), pages 1669-1686, December.
  7. Abdulkadiroglu, Atila & Sonmez, Tayfun, 1999. "House Allocation with Existing Tenants," Journal of Economic Theory, Elsevier, vol. 88(2), pages 233-260, October.
  8. Wako, Jun, 2005. "Coalition-proof Nash allocation in a barter game with multiple indivisible goods," Mathematical Social Sciences, Elsevier, vol. 49(2), pages 179-199, March.
  9. Miyagawa, Eiichi, 2002. "Strategy-Proofness and the Core in House Allocation Problems," Games and Economic Behavior, Elsevier, vol. 38(2), pages 347-361, February.
  10. Chen, Yan & Sonmez, Tayfun, 2004. "An experimental study of house allocation mechanisms," Economics Letters, Elsevier, vol. 83(1), pages 137-140, April.
  11. Shapley, Lloyd & Scarf, Herbert, 1974. "On cores and indivisibility," Journal of Mathematical Economics, Elsevier, vol. 1(1), pages 23-37, March.
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