| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14926 |
| DP14926 The Equilibrium Existence Duality: Equilibrium with Indivisibilities & Income Effects | |
| Elizabeth Baldwin; Omer Edhan; Ravi Jagadeesan; Paul Klemperer; Alexander Teytelboym | |
| 发表日期 | 2020-06-24 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We show that, with indivisible goods, the existence of competitive equilibrium fundamentally depends on agents’ substitution effects, not their income effects. Our Equilibrium Existence Duality allows us to transport results on the existence of competitive equilibrium from settings with transferable utility to settings with income effects. One consequence is that net substitutability—which is a strictly weaker condition than gross substitutability—is sufficient for the existence of competitive equilibrium. We also extend the “demand types” classification of valuations to settings with income effects and give necessary and sufficient conditions for a pattern of substitution effects to guarantee the existence of competitive equilibrium. |
| 主题 | Financial Economics ; Industrial Organization |
| URL | https://cepr.org/publications/dp14926 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/543869 |
| 推荐引用方式 GB/T 7714 | Elizabeth Baldwin,Omer Edhan,Ravi Jagadeesan,et al. DP14926 The Equilibrium Existence Duality: Equilibrium with Indivisibilities & Income Effects. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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