Universität zu Köln

Hatfield, John William, Kominers, Scott Duke, Nichifor, Alexandru, Ostrovsky, Michael and Westkamp, Alexander ORCID: 0000-0001-6892-1189 (2021). Chain stability in trading networks. Theor. Econ., 16 (1). S. 197 - 235. NEW YORK: ECONOMETRIC SOCIETY. ISSN 1555-7561

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Abstract

In a general model of trading networks with bilateral contracts, we propose a suitably adapted chain stability concept that plays the same role as pairwise stability in two-sided settings. We show that chain stability is equivalent to stability if all agents' preferences are jointly fully substitutable and satisfy the Laws of Aggregate Supply and Demand. In the special case of trading networks with transferable utility, an outcome is consistent with competitive equilibrium if and only if it is chain stable.

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 orcid.org/0000-0001-6892-1189 UNSPECIFIED
URN:	urn:nbn:de:hbz:38-595403
DOI:	10.3982/TE3839
Journal or Publication Title:	Theor. Econ.
Volume:	16
Number:	1
Page Range:	S. 197 - 235
Date:	2021
Publisher:	ECONOMETRIC SOCIETY
Place of Publication:	NEW YORK
ISSN:	1555-7561
Language:	English
Faculty:	Faculty of Management, Economy and Social Sciences
Divisions:	Center of Excellence C-SEB
Subjects:	Economics
Uncontrolled Keywords:	Keywords Language SUBSTITUTES Multiple languages Economics Multiple languages
Refereed:	Yes
URI:	http://kups.ub.uni-koeln.de/id/eprint/59540