Tommy Andersson
Professor
Transferring Ownership of Public Housing to Existing Tenants : A Market Design Approach
Author
Summary, in English
This paper explores a housing market with an existing tenant in each house and where the existing tenants initially rent their houses. The idea is to identify equilibrium prices for the housing market given the prerequisite that a tenant can buy any house on the housing market, including the one that he is currently possessing, or continue renting the house he is currently occupying. The main contribution is the identification of an individually rational, equilibrium selecting, and group non-manipulable price mechanism in a restricted preference domain that contains almost all preference profiles. In this restricted domain, the identified mechanism is the minimum price equilibrium selecting mechanism that transfers the maximum number of ownerships to the existing tenants. We also relate the theoretical model and the main findings to the U.K. Housing Act 1980 whose main objective is to transfer ownerships of houses to existing tenants.
Department/s
- Department of Economics
Publishing year
2016-09-01
Language
English
Pages
643-671
Publication/Series
Journal of Economic Theory
Volume
165
Links
Document type
Journal article
Publisher
Elsevier
Topic
- Economics
Keywords
- Existing tenants
- equilibrium
- minimum equilibrium prices
- maximum trade
- group non-manipulability
- C71
- C78
- D71
- D78
Status
Published
ISBN/ISSN/Other
- ISSN: 0022-0531