Showing 1 - 6 of 6
We study the behavioral definition of complementary goods: if the price of one good increases, demand for a complementary good must decrease. We obtain its full implications for observable demand behavior (its testable implications), and for the consumer's underlying preferences. We characterize...
Persistent link: https://www.econbiz.de/10008860984
We uncover the complete ordinal implications of supermodularity on finite lattices under the assumption of weak monotonicity. In this environment, we show that supermodularity is ordinally equivalent to the notion of quasisupermodularity introduced by Milgrom and Shannon. We conclude that...
Persistent link: https://www.econbiz.de/10005005932
Persistent link: https://www.econbiz.de/10005146361
We prove that the English auction (with bidders that need not be ex ante identical and may have interdependent valuations) has an efficient ex post equilibrium. We establish this result for environments where it has not been previously obtained. We also prove two versions of the...
Persistent link: https://www.econbiz.de/10005160160
Persistent link: https://www.econbiz.de/10005020737
Persistent link: https://www.econbiz.de/10005020752