Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/217097
Authors: 
Hatfield, John William
Kominers, Scott Duke
Nichifor, Alexandru
Ostrovsky, Michael
Westkamp, Alexander
Year of Publication: 
2019
Citation: 
[Journal:] Theoretical Economics [ISSN:] 1555-7561 [Volume:] 14 [Year:] 2019 [Issue:] 4 [Pages:] 1535-1590
Abstract: 
Various forms of substitutability are essential for establishing the existence of equilibria and other useful properties in diverse settings such as matching, auctions, and exchange economies with indivisible goods. We extend earlier models' definitions of substitutability to settings in which each agent can be both a buyer in some transactions and a seller in others, and show that all these definitions are equivalent. We then introduce a new class of substitutable preferences that allows us to model intermediaries with production capacity. We also prove that substitutability is preserved under economically important transformations such as trade endowments, mergers, and limited liability.
Subjects: 
Matching with contracts
substitutability
trading networks
JEL: 
C62
C78
D44
D47
Persistent Identifier of the first edition: 
Creative Commons License: 
https://creativecommons.org/licenses/by-nc/4.0/
Document Type: 
Article

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