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Efficient Combinatorial Exchanges with Opt-Out Types (Revised version of CARF-F-258)(Published in the B. E. Journal of Theoretical Economics 19 (1), 2019.)

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  • Hitoshi Matsushima

    (Graduate School of Economics, The University of Tokyo, Tokyo)

Abstract

We investigate combinatorial exchanges as a generalization of auctions and bilateral trades, where multiple heterogeneous commodities are initially possessed not only by a central planner but also by participants. We assume private values, quasi-linearity, risk neutrality, and independent type distribution. Efficiency, Bayesian Incentive Compatibility, and Interim Individual Rationality in a type-dependent manner are required. We introduce a stability notion in the ex-ante term, namely marginal core. By assuming the presence of opt-out types for each player, we show a full characterization in that the central planner inevitably has a deficit if and only if the marginal core is non-empty.

Suggested Citation

  • Hitoshi Matsushima, 2011. "Efficient Combinatorial Exchanges with Opt-Out Types (Revised version of CARF-F-258)(Published in the B. E. Journal of Theoretical Economics 19 (1), 2019.)," CARF F-Series CARF-F-294, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo, revised Aug 2012.
    • Handle: RePEc:cfi:fseres:cf294
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    1. Sushil Bikhchandani & Shurojit Chatterji & Ron Lavi & Ahuva Mu'alem & Noam Nisan & Arunava Sen, 2006. "Weak Monotonicity Characterizes Deterministic Dominant-Strategy Implementation," Econometrica, Econometric Society, vol. 74(4), pages 1109-1132, July.
    2. Kalyan Chatterjee & William Samuelson, 1983. "Bargaining under Incomplete Information," Operations Research, INFORMS, vol. 31(5), pages 835-851, October.
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    Cited by:

    1. Hitoshi Matsushima, 2012. "Optimal Multiunit Exchange Design with Single-Dimensionality," CARF F-Series CARF-F-292, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo, revised Sep 2012.
    2. Shirata, Yasuhiro, 2017. "First price package auction with many traders," Journal of Mathematical Economics, Elsevier, vol. 69(C), pages 71-83.

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