Article ID | Journal | Published Year | Pages | File Type |
---|---|---|---|---|
7359338 | Journal of Economic Theory | 2017 | 12 Pages |
Abstract
The maximal domain theorem by Gul and Stacchetti (1999) shows that for markets with indivisible objects, the set of gross substitutable preferences is a largest set for which the existence of a competitive equilibrium is guaranteed. In this paper, we give an example to show that a claim in their proof is false, and provide an alternative proof based on a new characterization of gross substitutability.
Keywords
Related Topics
Social Sciences and Humanities
Economics, Econometrics and Finance
Economics and Econometrics
Authors
Yi-You Yang,