OBVIOUSLY STRATEGY‐PROOF IMPLEMENTATION OF TOP TRADING CYCLES
研究了顶级交易循环机制是否能用显然策略证明的方式实施，发现一个必要条件，该条件在多数应用中不成立，解释了该机制虽理论优秀但实践中少用的原因。
Abstract Although there is a rich theoretical literature extolling the virtues of the top trading cycles (TTCs) mechanism, it is rarely used in practice. Anecdotal evidence suggests that one possible explanation is that TTC is difficult for participants to understand. This article formalizes this intuition by asking whether it is possible to implement TTC in an obviously strategy‐proof (OSP) way. I identify an acyclicity condition that is both necessary and sufficient for OSP implementation of TTC. The condition is unlikely to hold in most applications, which may explain why TTC is rarely used, despite its many appealing theoretical properties.