Milgrom, Paul; Strulovici, Bruno - In: Journal of Economic Theory 144 (2009) 1, pp. 212-247
This paper identifies two notions of substitutes for auction and equilibrium analysis. Weak substitutes, the usual price-theory notion, guarantees monotonicity of Tatonnement processes and convergence of clock auctions to a pseudo-equilibrium, but only strong substitutes, which treats each unit...