Sequential Rules for House Allocation with Price Restrictions
(2015) In Working Paper / Department of Economics, School of Economics and Management, Lund University- Abstract
- This paper considers a housing market with price restrictions. On such markets, the existence of a unique minimum rationing equilibrium price vector has been established for each preference profile on a general preference domain that contains almost all preference profiles. This vector can be used as a key ingredient in a direct and strategy-proof allocation mechanism. The main contribution of this paper is to provide two price sequences, one with increasing prices and one with decreasing prices, that both terminate to a minimal rationing equilibrium price vector in a finite number of steps. These sequences are demonstrated to play key-roles in an English auction and a Dutch auction, respectively, for the considered housing market with... (More)
- This paper considers a housing market with price restrictions. On such markets, the existence of a unique minimum rationing equilibrium price vector has been established for each preference profile on a general preference domain that contains almost all preference profiles. This vector can be used as a key ingredient in a direct and strategy-proof allocation mechanism. The main contribution of this paper is to provide two price sequences, one with increasing prices and one with decreasing prices, that both terminate to a minimal rationing equilibrium price vector in a finite number of steps. These sequences are demonstrated to play key-roles in an English auction and a Dutch auction, respectively, for the considered housing market with price restrictions. (Less)
Please use this url to cite or link to this publication:
https://lup.lub.lu.se/record/7370272
- author
- Andersson, Tommy LU and Svensson, Lars-Gunnar LU
- organization
- publishing date
- 2015
- type
- Working paper/Preprint
- publication status
- published
- subject
- keywords
- Price sequence, auction rules, rationing, rationing equilibrium price
- in
- Working Paper / Department of Economics, School of Economics and Management, Lund University
- issue
- 18
- pages
- 23 pages
- publisher
- Department of Economics, Lund University
- language
- English
- LU publication?
- yes
- id
- 3a939e0c-3113-42de-a77a-0d234af1e05e (old id 7370272)
- alternative location
- http://swopec.hhs.se/lunewp/abs/lunewp2015_018.htm
- date added to LUP
- 2016-04-04 10:24:43
- date last changed
- 2018-11-21 20:58:37
@misc{3a939e0c-3113-42de-a77a-0d234af1e05e, abstract = {{This paper considers a housing market with price restrictions. On such markets, the existence of a unique minimum rationing equilibrium price vector has been established for each preference profile on a general preference domain that contains almost all preference profiles. This vector can be used as a key ingredient in a direct and strategy-proof allocation mechanism. The main contribution of this paper is to provide two price sequences, one with increasing prices and one with decreasing prices, that both terminate to a minimal rationing equilibrium price vector in a finite number of steps. These sequences are demonstrated to play key-roles in an English auction and a Dutch auction, respectively, for the considered housing market with price restrictions.}}, author = {{Andersson, Tommy and Svensson, Lars-Gunnar}}, keywords = {{Price sequence; auction rules; rationing; rationing equilibrium price}}, language = {{eng}}, note = {{Working Paper}}, number = {{18}}, publisher = {{Department of Economics, Lund University}}, series = {{Working Paper / Department of Economics, School of Economics and Management, Lund University}}, title = {{Sequential Rules for House Allocation with Price Restrictions}}, url = {{http://swopec.hhs.se/lunewp/abs/lunewp2015_018.htm}}, year = {{2015}}, }