On the integration of Shapley-Scarf markets
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Publication:2138378
Abstract: We study the welfare consequences of merging Shapley--Scarf markets. Market integration can lead to large welfare losses and make the vast majority of agents worse-off, but is on average welfare-enhancing and makes all agents better off ex-ante. The number of agents harmed by integration is a minority when all markets are small or agents' preferences are highly correlated.
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Cited in
(8)- scientific article; zbMATH DE number 5697111 (Why is no real title available?)
- Social integration in two-sided matching markets
- On endowments and indivisibility: partial ownership in the Shapley-Scarf model
- On the Shapley-Scarf economy: The case of multiple types of indivisible goods
- Gainers and losers from market integration
- A policy response to a downside of the integration of economies: an impossibility theorem
- Optimal market-integration decisions by policymakers: modeling and analysis of agriculture market data
- On Shapley-Shubik equilibria with financial markets
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