文献类型：期刊文献

英文题名：The Machiavellian frontier of top trading cycles

作者：Chen, Yajing[1]; Jiao, Zhenhua[2]; Zhang, Chenfeng[1]; Zhang, Luosai[3]

机构：[1] School of Business, East China University of Science and Technology, Shanghai, 200237, China; [2] School of Economics and Trade, Shanghai University of International Business and Economics, Shanghai, 201620, China; [3] School of Economics, Shanghai University of Finance and Economics, Shanghai, China

年份：2021

外文期刊名：arXiv

收录：EI(收录号：20210202028)

语种：英文

外文关键词：Commerce - Efficiency - Pareto principle

摘要：This paper studies the housing market problem introduced by Shapley and Scarf (1974). We probe the Machiavellian frontier of the well-known top trading cycles (TTC) rule by weakening strategy-proofness and providing new characterizations for this rule. Specifically, our contribution lies in three aspects. First, we weaken the concept of strategy-proofness and introduce a new incentive notion called truncation-invariance, where the truthful preference-reporting assignment cannot be altered by any agent through misreporting a truncation of the true preference at the assignment produced by the true preference unilaterally. Second, we characterize the TTC rule by the following three groups of axioms: individual rationality, pair-efficiency, truncation-invariance; individual rationality, Pareto efficiency, truncation-invariance; individual rationality, endowments-swapping-proofness, truncation-invariance.1 The new characterizations refine several previous results.2 Third, we show through examples that the characterization results of Takamiya (2001) and Miyagawa (2002) can no longer be obtained if strategy-proofness is replaced with truncation-invariance. ? 2021, CC BY-NC-ND.