Full substitutability

• 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/TE3240
• 发表日期: 2019-11-01
• 页码: 1535-1590
• 关键词: Matching with contracts; substitutability; trading networks

摘要

Various forms of substitutability are essential for establishing the existence of equilibria and other useful properties in diverse settings such as matching, auctions, and exchange economies with indivisible goods. We extend earlier models' definitions of substitutability to settings in which each agent can be both a buyer in some transactions and a seller in others, and show that all these definitions are equivalent. We then introduce a new class of substitutable preferences that allows us to model intermediaries with production capacity. We also prove that substitutability is preserved under economically important transformations such as trade endowments, mergers, and limited liability.