Competitive equilibrium with indivisible objects

MPRA Paper from University Library of Munich, Germany

Abstract: We study exchange economies in which objects are heterogeneous and indivisible, and may not be substitutes for each other. We give new equilibrium existence results with the $p$-substitutability condition, under which a certain degree of complementarity among objects is permitted according to the parameter vector $p$. Moreover, we introduce conditions under which the contributions of objects to the social welfare are equilibrium prices.

Keywords: Indivisibility; competitive equilibrium; gross substitutability; p-substitutability (search for similar items in EconPapers)
JEL-codes: D5 D51 (search for similar items in EconPapers)
Date: 2013-07-02, Revised 2016-10-19
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