Alternative characterizations of the top trading cycles rule in housing markets

Abstract Building on Ma (1994) and Fujinaka and Wakayama (2018) , this paper characterizes the top trading cycles rule in housing markets without the help of strategy-proofness, by the following two groups of axioms: individual rationality, Pareto efficiency, rank monotonicity; individual rationality, endowments-swapping-proofness, rank monotonicity.