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dc.contributor.advisorParkes, David
dc.contributor.authorGreen, Samuel Lewis
dc.date.accessioned2019-04-04T16:59:51Z
dash.embargo.terms2017-11-01
dc.date.created2017-05
dc.date.issued2017-07-14
dc.date.submitted2017
dc.identifier.citationGreen, Samuel Lewis. 2017. Generalized Top Trading Cycles: An Iterative Approach for Exchange Economies With Money. Bachelor's thesis, Harvard College.
dc.identifier.urihttp://nrs.harvard.edu/urn-3:HUL.InstRepos:38988983*
dc.description.abstractExchange economies for indivisible items and with initial ownership typically require the absence of money when agents interact. By excluding money, the previously proposed models ignore a rich class of problems with broad practical applicability. I therefore present an exchange economy model with indivisibilities, initial ownership, and money. I focus on constructing a mechanism that does not run a deficit and that guarantees at least a constant approximation of welfare, properties that the previous and well-known Vickrey-Clarke-Groves (VCG) and top trading cycles (TTC) mechanisms, respectively, do not satisfy. By extending the well-known Myerson-Satterthwaite impossibil- ity, I show that no mechanism can be simultaneously no-deficit and approximately efficient while also guaranteeing that agents will be willing to participate and report their preferences truthfully. Following common practice among practical mechanism designers, I then relax strategy-proofness and propose a novel mechanism, NetAscendingClock, that takes an iterative approach to find exactly efficient equilibrium solutions. I prove that NetAscendingClock is both computation- ally tractable and game theoretically reasonable. Finally, I experimentally verify both that VCG and TTC’s undesirable properties manifest themselves in practice and that NetAscendingClock addresses the shortcomings of both of these when participants submit truthful preferences.
dc.format.mimetypeapplication/pdf
dc.language.isoen
dash.licenseLAA
dash.licenseLAA
dc.subjectComputer Science
dc.subjectEconomics, Theory
dc.titleGeneralized Top Trading Cycles: An Iterative Approach for Exchange Economies With Money
dc.typeThesis or Dissertation
dash.depositing.authorGreen, Samuel Lewis
dash.embargo.until2017-11-01
dc.date.available2019-04-04T16:59:51Z
thesis.degree.date2017
thesis.degree.disciplineComputer Science
thesis.degree.grantorHarvard College
thesis.degree.levelUndergraduate
thesis.degree.nameAB
dc.type.materialtext
thesis.degree.departmentComputer Science
dash.identifier.vireohttp://etds.lib.harvard.edu/college/admin/view/203
dash.author.emailgreen.sam1192@gmail.com


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