The Economics of Equilibrium with Indivisible Goods

• 成果类型: Article
• 署名作者: Jagadeesan, Ravi; Teytelboym, Alexander
• 署名单位: Stanford University; University of Oxford
• 刊物名称: REVIEW OF ECONOMIC STUDIES
• ISSN/ISSBN: 0034-6527
• DOI: 10.1093/restud/rdaf106
• 发表日期: 2026
• 关键词: competitive-equilibrium; Discrete convexity; Walrasian equilibrium; auction design; STABILITY; substitutes; EXISTENCE; MARKETS

摘要

This paper develops a theory of competitive equilibrium with indivisible goods based entirely on economic conditions on demand. The key idea is to analyze complementarity and substitutability between bundles of goods, rather than merely between goods themselves. This approach allows us to formulate sufficient and essentially necessary conditions for equilibrium existence-which unify settings with complements and settings with substitutes. Our analysis has implications for auction design.