On the integration of Shapley–Scarf markets

Article Type

Research Article

Publication Title

Journal of Mathematical Economics

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.

DOI

10.1016/j.jmateco.2022.102637

Publication Date

5-1-2022

Comments

Open Access, Green

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