Gross substitutes and endowed assignment valuations

We show that the class of preferences satisfying the Gross Substitutes condition of Kelso and Crawford (1982) is strictly larger than the class of Endowed Assignment Valuations of Hatfield and Milgrom (2005), thus resolving the open question posed by the latter paper. In particular, our result implies that not every substitutable valuation function can be "decomposed" into a combination of unit-demand valuations.

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Year of publication:	2014-09-02
Authors:	Ostrovsky, Michael ; Paes Leme, Renato
Published in:	Theoretical Economics. - Econometric Society, ISSN 1555-7561. - 2014
Publisher:	Econometric Society
Subject:	Substitutability \| matching \| combinatorial auctions \| matroids

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Extent:	application/pdf
Type of publication:	Article
Classification:	C78 - Bargaining Theory; Matching Theory ; D44 - Auctions
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10010896846