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.
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
