Substitute valuations, auctions, and equilibrium with discrete goods
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 uni...
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| Formato: | Working paper |
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University of Oxford
2007
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