Stability and competitive equilibrium in trading networks

JW Hatfield, SD Kominers, A Nichifor… - Journal of Political …, 2013‏ - journals.uchicago.edu
We introduce a model in which agents in a network can trade via bilateral contracts. We find
that when continuous transfers are allowed and utilities are quasi-linear, the full …

Understanding preferences:“demand types”, and the existence of equilibrium with indivisibilities

E Baldwin, P Klemperer - Econometrica, 2019‏ - Wiley Online Library
An Equivalence Theorem between geometric structures and utility functions allows new
methods for understanding preferences. Our classification of valuations into “Demand …

Matching with complementary contracts

M Rostek, N Yoder - Econometrica, 2020‏ - Wiley Online Library
In this paper, we show that stable outcomes exist in matching environments with
complementarities, such as social media platforms or markets for patent licenses. Our results …

Gross substitutes condition and discrete concavity for multi-unit valuations: a survey

A Shioura, A Tamura - Journal of the Operations Research Society of …, 2015‏ - jstage.jst.go.jp
Efficient allocation of indivisible goods is an important problem in mathematical economics
and operations research, where the concept of Walrasian equilibrium plays a fundamental …

Product-mix auctions and tropical geometry

NM Tran, J Yu - Mathematics of Operations Research, 2019‏ - pubsonline.informs.org
In a recent and ongoing work, Baldwin and Klemperer explore a connection between
tropical geometry and economics. They give a sufficient condition for the existence of …

The equilibrium existence duality

E Baldwin, R Jagadeesan… - Journal of Political …, 2023‏ - journals.uchicago.edu
We show that with indivisible goods, the existence of competitive equilibrium fundamentally
depends on agents' substitution effects, not their income effects. Our equilibrium existence …

Implementing Walrasian Equilibrium: the Languages of Product-mix Auctions

E Baldwin, P Klemperer, E Lock - Available at SSRN 4931623, 2024‏ - papers.ssrn.com
Product-mix auctions are sealed-bid mechanisms for trading multiple divisible or indivisible
units of multiple differentiated goods. They implement competitive-equilibrium allocations …

Walrasian equilibrium in large, quasilinear markets

EM Azevedo, EG Weyl, A White - Theoretical Economics, 2013‏ - Wiley Online Library
In an economy with indivisible goods, a continuum of agents, and quasilinear utility, we
show that equilibrium exists regardless of the nature of agents' preferences over bundles …

Trading networks with bilateral contracts

T Fleiner, Z Jankó, A Tamura, A Teytelboym - arxiv preprint arxiv …, 2015‏ - arxiv.org
We consider a model of matching in trading networks in which firms can enter into bilateral
contracts. In trading networks, stable outcomes, which are immune to deviations of arbitrary …

Back to fundamentals: Equilibrium in abstract economies

M Richter, A Rubinstein - American Economic Review, 2015‏ - aeaweb.org
We propose a new abstract definition of equilibrium in the spirit of competitive equilibrium: a
profile of alternatives and a public ordering (expressing prestige, price, or a social norm) …