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TOPIC:
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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.
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PRESENTER
Maciej Kotowski
Harvard University
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RESEARCH FIELDS
Microeconomic Theory
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DATE:
23 August 2018 (Thursday)
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TIME:
4pm - 5.30pm
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VENUE:
Seminar Room 5.1, Level 5
School of Economics
Singapore Management University
90 Stamford Road
Singapore 178903
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