On 9th December 2019 (1-2pm) Yuan Ju, Professor at the University of York, will give a presentation about “The English Housing Market Mechanism” in Q4.245. Afterwards, Mr. Ju will be available for questions and discussions. His presentation is part of: https://wiwi.uni-paderborn.de/dep1/me/research/discussing-research/seam/
This paper introduces a model of typical English housing markets. In such markets, there are many first time buyers, movers, and sellers. Due to financial/locational constraints, most homeowners who wish to move are critically dependent on the sale of their current house. We formulate this problem as a multi-person game-theoretical problem and propose a novel allocation mechanism. We demonstrate that the mechanism always yields efficient assignment of houses, i.e., a core allocation, to market participants within existing constraints, and can improve welfare gains of trade considerably.