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:	2015
Authors:	Ostrovsky, Michael ; Paes Leme, Renato
Published in:	Theoretical Economics. - New Haven, CT : The Econometric Society, ISSN 1555-7561. - Vol. 10.2015, 3, p. 853-865
Publisher:	New Haven, CT : The Econometric Society
Subject:	Substitutability \| matching \| combinatorial auctions \| matroids

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Type of publication:	Article
Type of publication (narrower categories):	Article
Language:	English
Other identifiers:	10.3982/TE1840 [DOI] 893518182 [GVK] hdl:10419/150264 [Handle] RePEc:the:publsh:1840 [RePEc]
Classification:	C78 - Bargaining Theory; Matching Theory ; D44 - Auctions ; d47
Source:	EconStor

Persistent link: https://www.econbiz.de/10011599555