On the integration of Shapley–Scarf markets

Rajnish Kumar, Kriti Manocha and Josue Ortega

Journal of Mathematical Economics, 2022, vol. 100, issue C

Abstract: We study the welfare consequences of merging Shapley–Scarf markets. Market integration can lead to large welfare losses and make the vast majority of agents worse-off, but is on average welfare-enhancing and makes all agents better off ex-ante. The number of agents harmed by integration is a minority when all markets are small or agents’ preferences are highly correlated.

Keywords: Shapley–Scarf markets; Gains from integration; Random markets (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:eee:mateco:v:100:y:2022:i:c:s0304406822000027

DOI: 10.1016/j.jmateco.2022.102637

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