Walrasian equilibrium with gross substitutes
成果类型：
Article
署名作者：
Gul, F; Stacchetti, E
署名单位：
Princeton University; University of Michigan System; University of Michigan
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1006/jeth.1999.2531
发表日期：
1999
页码：
95-124
关键词：
摘要：
We study economies with indivisibilities that satisfy the gross substitutes (GS) condition. The simplest example of GS preferences are unit demand preferences. We prove that the set of GS preferences is the largest set containing unit demand preferences for which the existence of Walrasian equilibrium is guaranteed. We show that if a GS economy is replicated sufficiently many times, the equilibrium payment of any agent in the Vickrey-Clarke-Groves mechanism is equal to the value of the allocation he receives at the smallest Walrasian prices. The model extended to include production. Journal of Economic Literature classification Numbers: D4, D44, D5, D51. (C) 1999 Academic Press.
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