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investigates this specific tradeoff and identifies an allocation rule that is individually rational, equilibrium selecting, and … domain, the identified rule is the equilibrium selecting rule that transfers the maximum number of ownerships from the public …
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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 …
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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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(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 …
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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 …
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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 …
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