Luosai Zhang
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Some new characterizations of top trading cycles
  • Title of Paper:
    Some new characterizations of top trading cycles
  • Journal:
    Journal of Mathematical Economics
  • Key Words:
    Housing market; Top trading cycles rule; Characterizations; Upper invariance
  • Summary:
    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.
  • First Author:
    Yajing Chen,Zhenhua Jiao,Chenfeng Zhang,Luosai Zhang
  • Indexed by:
    Article
  • Discipline:
    Economics
  • First-Level Discipline:
    Theoretical Economics
  • Document Type:
    J
  • Volume:
    121
  • Page Number:
    103190
  • DOI Number:
    10.1016/j.jmateco.2025.103190
  • Translation or Not:
    No
  • Date of Publication:
    2025-11
  • Included Journals:
    SSCI
  • Release Time:
    2025-11-02
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