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Barter markets, indivisibilities, and Markovian core
Bulletin of Economic Research ( IF 0.888 ) Pub Date : 2021-03-05 , DOI: 10.1111/boer.12279
Satoru Fujishige 1 , Zaifu Yang 2
Affiliation  

We study a general barter market where every agent is endowed with several heterogeneous indivisible items and wishes to exchange. There is no medium of exchange like money. Agents have general preferences over their interested bundles of items and may acquire several items. We propose a practical and sensible solution called a Markovian core, generalizing the classical notion of the core. A Markovian core allocation is individually rational, Pareto-efficient, and stable against any coalition deviation by comparison with their current assignments instead of their initial endowments and is shown to be a natural outcome of a decentralized market process.

中文翻译:

易货市场、不可分割性和马尔可夫核心

我们研究了一个一般的易货市场,每个代理人都被赋予了几种不同的不可分割的物品并希望进行交换。没有像金钱这样的交换媒介。代理人对他们感兴趣的物品束有普遍的偏好,并且可能会获得几个物品。我们提出了一种实用且合理的解决方案,称为马尔可夫核,概括了核的经典概念。与他们当前的分配而不是他们的初始禀赋相比,马尔可夫核心分配是个人理性的、帕累托有效的,并且对于任何联盟偏差都是稳定的,并且被证明是分散市场过程的自然结果。
更新日期:2021-03-05
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