We introduce externalities into the classical model by Shapley and Scarf; that is, agents care about others and their preferences are defined over allocations rather than over single indivisible goods. After collecting some results about the nonexistence of several cooperative solutions, we focus on stable allocations and propose domains of preferences that can guarantee that they both exist and form a stable set à la von Neumann and Morgenstern.
Shapley and Scarf housing markets with consumption externalities / Graziano, Maria Gabriella; Meo, Claudia; Yannelis, Nicholas. - In: JOURNAL OF PUBLIC ECONOMIC THEORY. - ISSN 1467-9779. - 22:5(2020), pp. 1481-1514. [10.1111/jpet.12470]
Shapley and Scarf housing markets with consumption externalities
Graziano, Maria Gabriella;Meo, Claudia;
2020
Abstract
We introduce externalities into the classical model by Shapley and Scarf; that is, agents care about others and their preferences are defined over allocations rather than over single indivisible goods. After collecting some results about the nonexistence of several cooperative solutions, we focus on stable allocations and propose domains of preferences that can guarantee that they both exist and form a stable set à la von Neumann and Morgenstern.| File | Dimensione | Formato | |
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J Public Economic Theory - 2020 - Graziano - Shapley and Scarf housing markets with consumption externalities.pdf
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