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On the maximal domain theorem: A corrigendum to “Walrasian equilibrium with gross substitutes”

Yi-You Yang ()

Journal of Economic Theory, 2017, vol. 172, issue C, 505-511

Abstract: The maximal domain theorem by Gul and Stacchetti (1999) shows that for markets with indivisible objects, the set of gross substitutable preferences is a largest set for which the existence of a competitive equilibrium is guaranteed. In this paper, we give an example to show that a claim in their proof is false, and provide an alternative proof based on a new characterization of gross substitutability.

Keywords: Maximal domain; Competitive equilibrium; Gross substitutability (search for similar items in EconPapers)
JEL-codes: C78 D51 (search for similar items in EconPapers)
Date: 2017
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Handle: RePEc:eee:jetheo:v:172:y:2017:i:c:p:505-511