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| Type | Working Paper |
| Scope | Discipline-based scholarship |
| Title | Foundations of pseudomarkets : walrasian equilibria for discrete resources |
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| Authors |
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| Institution | CEPR |
| Series Name | Discussion Paper Series |
| Number | DP15161 |
| ISSN | 0265-8003 |
| Number of Pages | 31 |
| Date | 2020 |
| Abstract Text | We study the assignment of objects in environments without transfers allowing for single-unit and general multi-unit demands, and any linear constraints, thus covering a wide range of applied environments, from school choice to course allocation. We establish the Second Welfare Theorem for these environments despite them failing the local non-satiation condition that previous studies of the Second Welfare Theorem relied on. We also prove a strong version of the First Welfare Theorem. We thus show that the link between efficiency and decentralization through prices is valid in environments without transfers, and hence provide a foundation for pseudomarket- based market design by showing that the restriction to such mechanisms is without loss of generality. |
| Free access at | Official URL |
| Official URL | http://cepr.org/active/publications/discussion_papers/dp.php?dpno=15161 |
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