Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/320245 
Authors: 
Year of Publication: 
2024
Citation: 
[Journal:] Theoretical Economics [ISSN:] 1555-7561 [Volume:] 19 [Issue:] 2 [Year:] 2024 [Pages:] 551-564
Publisher: 
The Econometric Society, New Haven, CT
Abstract: 
We revisit the classical object reallocation problem under strict preferences. When attention is constrained to the set of Pareto-efficient rules, it is known that top trading cycles (TTC) is the only rule that is strategy-proof and individually rational. We relax this constraint and consider pair efficiency. A rule is pair-efficient if it never induces an allocation at which a pair of agents gain from trading their assigned objects. Remarkably, even in the larger set of pair-efficient rules, we find that TTC is still the only rule that is strategy-proof and individually rational. Our characterization result gives strong support to the use of TTC in object reallocation problems.
Subjects: 
individually rational
Indivisible object
pair efficient
strategy-proof
top trading cycles
JEL: 
C78
D61
D63
D82
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by-nc Logo
Document Type: 
Article

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