Title: Competitive Equilibrium in an Exchange Economy with Indivisibilities
Abstract: We analyze an exchange economy in which (i) all commodities except money are indivisible, (ii) agents' preferences can be described by a reservation value for each bundle of indivisible objects, and (iii) all agents are price-takers. We obtain a necessary and sufficient condition under which market clearing prices exist. Implications for market mechanisms are discussed.Journal of Economic LiteratureClassification Numbers: D51, C78.
Publication Year: 1997
Publication Date: 1997-06-01
Language: en
Type: article
Indexed In: ['crossref']
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Cited By Count: 297
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