On the maximal domain theorem: A corrigendum to Walrasian equilibrium with gross substitutes

• 成果类型: Article
• 署名作者: Yang, Yi-You
• 署名单位: Aletheia University
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2017.09.003
• 发表日期: 2017
• 页码: 505-511
• 关键词: Maximal domain; competitive equilibrium; Gross substitutability

摘要

The maximal domain theorem by Gul and Stacchetti (1999) shows that for markets with indivisible objects, the set of gross substitutable preferences is a largest set for which the existence of a competitive equilibrium is guaranteed. In this paper, we give an example to show that a claim in their proof is false, and provide an alternative proof based on a new characterization of gross substitutability. (C) 2017 Elsevier Inc. All rights reserved.