文献类型：期刊文献

英文题名：Some new characterizations of top trading cycles

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

机构：[1]East China Univ Sci & Technol, Sch Business, Shanghai 200237, Peoples R China;[2]Shanghai Univ Int Business & Econ, Sch Business, Shanghai 201620, Peoples R China;[3]Shandong Univ, Ctr Econ Res, Jinan 250199, Peoples R China

年份：2025

卷号：121

外文期刊名：JOURNAL OF MATHEMATICAL ECONOMICS

收录：;WOS:【SSCI(收录号:WOS:001610251100001)，SCI-EXPANDED(收录号:WOS:001610251100001)】；

基金：star Chen's research was supported by the National Natural Science Foundation of China No. 72273043. Jiao's research was supported by the National Natural Science Foundation of China No. 72373095. We thank the associate editor as well as two anonymous referees for their valuable suggestions, which have significantly improved this paper. We are also grateful to OEzguen Ekici, Di Feng, and seminar participants at the 2024 Conference on Mechanism and Institution Design for their helpful comments. All remaining errors are our own. All authors are co-first authors.

语种：英文

外文关键词：Housing market; Top trading cycles rule; Characterizations; Upper invariance

摘要：This paper studies the housing market problem introduced by Shapley and Scarf (1974). We refine some existing characterizations of the well-known top trading cycles (TTC) rule by relaxing strategy-proofness and efficiency. Specifically, our main result shows that a rule is equivalent to the TTC rule if and only if it satisfies either of the following two sets of axioms: (1) individual rationality, pair-efficiency, and upper invariance; and (2) individual rationality, endowments-swapping-proofness, and upper invariance. Additionally, we clarify the logical relationships among a set of axioms that are weaker than strategy-proofness. New characterizations of the TTC rule are obtained as direct consequences of our main theorems.