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Serial Rules in a Multi-Unit Shapley-Scarf Market


Serial Rules in a Multi-Unit Shapley-Scarf Market

Biró, Péter, Klijn, Flip ORCID: https://orcid.org/0000-0001-7255-6954 and Pápai, Szilvia (2022) Serial Rules in a Multi-Unit Shapley-Scarf Market. Games and Economic Behavior, 136 . pp. 428-453. ISSN 08998256

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Official URL: https://doi.org/10.1016/j.geb.2022.10.006


We study generalized Shapley-Scarf exchange markets where each agent is endowed with multiple units of an indivisible and agent-specific good and monetary compensations are not possible. An outcome is given by a circulation which consists of a balanced exchange of goods. We focus on circulation rules that only require as input ordinal preference rankings of individual goods, and agents are assumed to have responsive preferences over bundles of goods. We study the properties of serial dictatorship rules which allow agents to choose either a single good or an entire bundle sequentially, according to a fixed ordering of the agents. We also introduce and explore extensions of these serial dictatorship rules that ensure individual rationality. The paper analyzes the normative and incentive properties of these four families of serial dictatorships and also shows that the individually rational extensions can be implemented with efficient graph algorithms.

Divisions:Concordia University > Faculty of Arts and Science > Economics
Item Type:Article
Authors:Biró, Péter and Klijn, Flip and Pápai, Szilvia
Journal or Publication:Games and Economic Behavior
Date:November 2022
  • Hungarian Academy of Sciences
  • Hungarian Scientific Research Fund
  • AGAUR–Generalitat de Catalunya
  • Spanish Agencia Estatal de Investigación
  • Fonds de recherche du Québec – Société et culture (FRQSC)
Digital Object Identifier (DOI):10.1016/j.geb.2022.10.006
ID Code:991512
Deposited By: Szilvia Papai
Deposited On:08 Feb 2023 19:33
Last Modified:08 Feb 2023 19:33
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