Universität zu Köln

Hatfield, John William, Kominers, Scott Duke, Nichifor, Alexandru, Ostrovsky, Michael and Westkamp, Alexander (2019). Full substitutability. Theor. Econ., 14 (4). S. 1535 - 1591. NEW YORK: ECONOMETRIC SOCIETY. ISSN 1555-7561

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Abstract

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.

Item Type:	Journal Article
Creators:	Creators Email ORCID ORCID Put Code Hatfield, John William UNSPECIFIED UNSPECIFIED UNSPECIFIED Kominers, Scott Duke UNSPECIFIED UNSPECIFIED UNSPECIFIED Nichifor, Alexandru UNSPECIFIED UNSPECIFIED UNSPECIFIED Ostrovsky, Michael UNSPECIFIED UNSPECIFIED UNSPECIFIED Westkamp, Alexander UNSPECIFIED UNSPECIFIED UNSPECIFIED
URN:	urn:nbn:de:hbz:38-128496
DOI:	10.3982/TE3240
Journal or Publication Title:	Theor. Econ.
Volume:	14
Number:	4
Page Range:	S. 1535 - 1591
Date:	2019
Publisher:	ECONOMETRIC SOCIETY
Place of Publication:	NEW YORK
ISSN:	1555-7561
Language:	English
Faculty:	Unspecified
Divisions:	Unspecified
Subjects:	no entry
Uncontrolled Keywords:	Keywords Language GROSS SUBSTITUTES; COMPETITIVE-EQUILIBRIUM; WALRASIAN EQUILIBRIUM; SCHOOL CHOICE; STABILITY; AUCTION; DESIGN; NETWORKS Multiple languages Economics Multiple languages
Refereed:	Yes
URI:	http://kups.ub.uni-koeln.de/id/eprint/12849