English, Article, Journal or magazine article edition: Substitute Valuations, Auctions, and Equilibrium with Discrete Goods Paul Milgrom; Bruno Strulovici

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Bookmark: http://trove.nla.gov.au/version/20984
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Substitute Valuations, Auctions and Equilibrium with Discrete Goods
Author
  • Paul Milgrom
  • Bruno Strulovici
Physical Description
  • preprint
Notes
  • For economies in which goods are available in several (discrete) units, this paper identifies two notions of substitutes. The weaker notion guarantees monotonicity of tatonnement processses and convergence of clock auctions to a pseudo-equilibrium, but only the stronger notion, which treats each unit traded as a distinct good with its own price, guarantees that every pseudo-equilibrium is a Walrasian equilibrium, the Vickrey outcome is in the core, and the "law of aggregate demand" is satisfied. The paper provides several characterizations and properties of weak and strong substitutes.
  • Substitute Valuation, Auction, Discrete Goods, Nonlinear Price, Submodular Dual, Walrasian Equilibrium, Pseudo-Equilibrium, Law of Aggregate Demand, Vickrey Auction
  • RePEc:oxf:wpaper:339
  • RePEc:cla:levrem:321307000000000713
Language
  • English
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