Equilibrium and matching under price controls

• 成果类型: Article
• 署名作者: Herings, P. Jean-Jacques
• 署名单位: Maastricht University
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2018.06.004
• 发表日期: 2018
• 页码: 222-244
• 关键词: Price controls; matching; Stable outcomes; competitive equilibrium; Dreze equilibrium

摘要

The paper considers a matching with contracts model in the presence of price controls. The model contains two important streams in the matching literature, those with and those without monetary transfers, as special cases. An adjustment process that ends with a stable outcome is presented. The paper presents a notion of competitive equilibrium, called Dreze equilibrium, and shows Dreze equilibrium allocations to be equivalent to allocations induced by stable outcomes. We therefore have an equivalence that is valid with and without monetary transfers as well as when monetary transfers are limited. (C) 2018 Elsevier Inc. All rights reserved.