On the integration of Shapley–Scarf markets

Rajnish Kumar, Kriti Manocha, Josue Ortega*

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review


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.
Original languageEnglish
Article number102637
JournalJournal of Mathematical Economics
Publication statusPublished - 10 May 2022


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