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A Characterization of the Top-Trading-Cycles Mechanism for Housing Markets via Respecting-Improvement

Author

Listed:
  • Bettina Klaus
  • Flip Klijn
  • Jay Sethuraman

Abstract

We provide the first characterization of the prominent top-trading-cycles (TTC) mechanism in the Shapley-Scarf housing market model (Shapley and Scarf, 1974) that uses respecting-improvement. Specifically, we show that for strict preferences, the TTC mechanism is the unique mechanism satisfying pair-efficiency, respecting-improvement, and strategy-proofness.

Suggested Citation

  • Bettina Klaus & Flip Klijn & Jay Sethuraman, 2024. "A Characterization of the Top-Trading-Cycles Mechanism for Housing Markets via Respecting-Improvement," Working Papers 1468, Barcelona School of Economics.
    • Handle: RePEc:bge:wpaper:1468
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    More about this item

    Keywords

    housing markets; top-trading-cycles (TTC) mechanism; respecting improvement; pair-efficiency; strategy-proofness; market design;
    All these keywords.

    JEL classification:

    • C78 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Bargaining Theory; Matching Theory
    • D47 - Microeconomics - - Market Structure, Pricing, and Design - - - Market Design

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