(Seminar at SOE SR 5.1) SMU SOE Seminar (Aug 23, 2018): Endowments, Exclusion, and Exchange

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ABSTRACT We propose a new cooperative solution for discrete exchange economies and resource allocation problems, the exclusion core. The exclusion core is neither weaker nor stronger than the (strong) core and it rests upon a foundational idea in the legal understanding of property, the right to exclude others. By reinterpreting endowments as a distribution of exclusion rights, we can extend our analysis to economies with qualified property rights and social hierarchies. The exclusion core characterizes a generalized top trading cycle algorithm in a large class of economies, including those featuring private and public ownership. Keywords: Exchange Economy, Property Rights, Core, Top Trading Cycles, House Exchange JEL Codes: C71, D47, K11 Click here to view the paper. Click here to view the CV.
		PRESENTER Maciej Kotowski Harvard University
		RESEARCH FIELDS Microeconomic Theory
		DATE: 23 August 2018 (Thursday)
		TIME: 4pm - 5.30pm
		VENUE: Seminar Room 5.1, Level 5 School of Economics Singapore Management University 90 Stamford Road Singapore 178903