TY  - JOUR
AU  - Balbuzanov, I
AU  - Kotowski, MH
Y2  - 2019/11/13
Y1  - 2019
SN  - 0012-9682
UR  - http://hdl.handle.net/11343/230893
AB  - We propose a new solution for discrete exchange economies and resource‐allocation problems, the exclusion core. The exclusion core 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, rather than as bundles of goods, our analysis extends to economies with qualified property rights, joint ownership, and social hierarchies. The exclusion core is characterized by a generalized top trading cycle algorithm in a large class of economies, including those featuring private, public, and mixed ownership. It is neither weaker nor stronger than the strong core.
LA  - en
PB  - Econometric Society
T1  - Endowments, Exclusion, and Exchange
DO  - 10.3982/ecta15676
IS  - Econometrica: journal of the Econometric Society
VL  - 87
IS  - 5
SP  - 1663-1692
L1  - /bitstream/handle/11343/230893/Endowments%2c%20Exclusion%2c%20and%20Exchange.pdf?sequence=1&isAllowed=y
ER  -