should be efficiently allocated among agents through a system of prices. We demonstrate that the dynamic auction by Talman … and Yang (2008) always finds a core allocation in finitely many iterations, thus resulting in a Pareto efficient outcome. …

markets, a competitive equilibrium typically fails to exist. We develop a novel dynamic auction and prove that the auction … always ï¬nds a core allocation. The core allocation consists of an assignment of the items and its associated supporting …

usually do not exist market-clearing prices. To deal with this allocation problem, Talman and Yang proposed a dynamic auction … with rationing that always yields a constrained equilibrium. In this paper we establish that this dynamic auction can … actually ï¬nd a core allocation in ï¬nite steps, resulting in a Pareto efficient outcome. A core allocation consists of an …

subsequent works), the uncovered set in a spatial voting situation does not necessarily coincide with the core even when the core …