Titre du document / Document title

Equilibria and indivisibilities : Gross substitutes and complements

Auteur(s) / Author(s)

NING SUN ⁽¹⁾ ; ZAIFU YANG ⁽²⁾ ;

Affiliation(s) du ou des auteurs / Author(s) Affiliation(s)

⁽¹⁾ School of Economics, Shanghai Jiao Tong University, Shanghai 200052, CHINE
⁽²⁾ Faculty of Business Administration, Yokohama National University, Yokohama 240-8501, JAPON

Résumé / Abstract

This paper examines an exchange economy with heterogeneous indivisible objects that can be substitutable or complementary. We show that a competitive equilibrium exists in such economies, provided that all the objects can be partitioned into two groups, and from the viewpoint of each agent, objects in the same group are substitutes and objects across the two groups are complements. This condition generalizes the well-known Kelso-Crawford gross substitutes condition and is called gross substitutes and complements. We also provide practical and typical examples from which substitutes and complements are both jointly observed.

Revue / Journal Title

Econometrica    ISSN  0012-9682   CODEN ECMTA7 

Source / Source

2006, vol. 74, n^o5, pp. 1385-1402 [18 page(s) (article)] (21 ref.)

Langue / Language

Anglais

Editeur / Publisher

Wiley-Blackwell, Oxford, ROYAUME-UNI  (1933) (Revue)

Mots-clés anglais / English Keywords

Indivisibility

;

Competitive equilibrium

;

Exchange

;

Econometrics

;

Statistical method

;

Partition

;

Economy

;

Mots-clés français / French Keywords

Indivisibilité

;

Equilibre competitif

;

Echange

;

Econométrie

;

Méthode statistique

;

Partition

;

Economie

;

Mots-clés espagnols / Spanish Keywords

Cambio

;

Econometría

;

Método estadístico

;

Partición

;

Economía

;

Mots-clés d'auteur / Author Keywords

Indivisibility

;

equilibrium

;

gross substitutes and complements

;

Localisation / Location

INIST-CNRS, Cote INIST : 2069, 35400014223318.0080