Chain stability in trading networks

• 成果类型: Article
• 署名作者: Hatfield, John William; Kominers, Scott Duke; Nichifor, Alexandru; Ostrovsky, Michael; Westkamp, Alexander
• 署名单位: University of Texas System; University of Texas Austin; Harvard University; Harvard University; National Bureau of Economic Research; University of Melbourne; Stanford University; University of Cologne
• 刊物名称: THEORETICAL ECONOMICS
• ISSN/ISSBN: 1933-6837
• DOI: 10.3982/TE3839
• 发表日期: 2021-01-01
• 页码: 197-234
• 关键词: Matching; trading networks; chain stability; STABILITY; competitive equilibria; full substitutability; Laws of Aggregate Supply and Demand; C78; D85; L14

摘要

In a general model of trading networks with bilateral contracts, we propose a suitably adapted chain stability concept that plays the same role as pairwise stability in two-sided settings. We show that chain stability is equivalent to stability if all agents' preferences are jointly fully substitutable and satisfy the Laws of Aggregate Supply and Demand. In the special case of trading networks with transferable utility, an outcome is consistent with competitive equilibrium if and only if it is chain stable.