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equilibrium due to Anesi and Seidmann, 2015. We then use this existence result to show that if a weak gradient restriction holds … independence condition holds at almost all alternatives, and equilibrium absorbing sets are dense in the set of alternatives. This …
Persistent link: https://www.econbiz.de/10011856695
(1986) as special cases. The paper presents a notion of competitive equilibrium, called Drèze equilibrium, for this class of … controls. It is shown that Drèze equilibrium allocations are equivalent to allocations induced by stable outcomes. One … implication is the existence of Drèze equilibria. Another implication is the equivalence of a competitive equilibrium concept and …
Persistent link: https://www.econbiz.de/10011279692
We study a labor market with finitely many heterogeneous workers and firms to illustrate the decentralized (myopic) blocking dynamics in two-sided one-to-one matching markets with continuous side payments (assignment problems, Shapley and Shubik, 1971). A labor market is unstable if there is at...
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model there is a stable outcome, but not necessarily a competitive equilibrium as defined in the standard way. We propose a … new equilibrium notion, quantity-constrained competitive equilibrium (QCCE) that allows buyers to form rational …
Persistent link: https://www.econbiz.de/10012872151
We introduce the notion of expectational equilibrium in a very general specification of the many-to-one matching with … contracts model. The endogenous variables in an expectational equilibrium are expectations about tradable contracts …. Expectational equilibrium outcomes are equivalent to stable outcomes. Substitutability of preferences is a sufficient condition for …
Persistent link: https://www.econbiz.de/10014095483
In this paper, we study full implementation problem by mechanisms that allow delay. The delay on the equilibrium path … Nash equilibrium refinements, but are implementable with infinitesimally small delay (imminently). We also establish a link …
Persistent link: https://www.econbiz.de/10013087001
post equilibrium is weaker than the notion of a dominant strategy equilibrium. Then, this double implementability notion is …
Persistent link: https://www.econbiz.de/10012848756
We consider general two-sided matching markets, so-called matching with contracts markets as introduced by Hatfield and Milgrom (2005), and analyze (Maskin) monotonic and Nash implementable solutions. We show that for matching with contracts markets the stable correspondence is monotonic and...
Persistent link: https://www.econbiz.de/10003731666