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A classification approach to Walrasian equilibrium with substitutability

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  • Yang, Yi-You

Abstract

In exchange economies with indivisible objects, the substitutability of agents' preferences is essential for the guaranteed existence of Walrasian equilibrium. In this paper, we analyze the ranges of variation for agents' preferences that will guarantee the existence of equilibrium when some agents' preferences are known to satisfy the substitutability condition. Our approach is based on a classification result that partitions the set of economies into disjoint weak similarity classes such that whenever a weak similarity class contains an economy with an equilibrium, each economy in this class also has an equilibrium. The links among economies in the same weak similarity class are established with the notion of monotonization and tax systems.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 47945.

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Date of creation: 02 Jul 2013
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Handle: RePEc:pra:mprapa:47945

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Keywords: Equilibrium; indivisibility; substitutability; free disposal; tax system.;

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  1. Gul, Faruk & Stacchetti, Ennio, 1999. "Walrasian Equilibrium with Gross Substitutes," Journal of Economic Theory, Elsevier, vol. 87(1), pages 95-124, July.
  2. Hatfield, John William & Kojima, Fuhito, 2010. "Substitutes and stability for matching with contracts," Journal of Economic Theory, Elsevier, vol. 145(5), pages 1704-1723, September.
  3. Kelso, Alexander S, Jr & Crawford, Vincent P, 1982. "Job Matching, Coalition Formation, and Gross Substitutes," Econometrica, Econometric Society, vol. 50(6), pages 1483-1504, November.
  4. Jos A.M. Potters & Anita van Gellekom & Hans Reijnierse, 2002. "Verifying gross substitutability," Economic Theory, Springer, vol. 20(4), pages 767-776.
  5. Ning Sun & Zaifu Yang, 2006. "Equilibria and Indivisibilities: Gross Substitutes and Complements," Econometrica, Econometric Society, vol. 74(5), pages 1385-1402, 09.
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