Gross substitutes and endowed assignment valuations

Michael Ostrovsky and Renato Paes Leme ()
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Renato Paes Leme: Google Research

Theoretical Economics, 2015, vol. 10, issue 3

Abstract: We show that the class of preferences satisfying the Gross Substitutes condition of Kelso and Crawford (1982) is strictly larger than the class of Endowed Assignment Valuations of Hatfield and Milgrom (2005), thus resolving the open question posed by the latter paper. In particular, our result implies that not every substitutable valuation function can be "decomposed" into a combination of unit-demand valuations.

Keywords: Substitutability; matching; combinatorial auctions; matroids (search for similar items in EconPapers)
JEL-codes: C78 D44 D47 (search for similar items in EconPapers)
Date: 2015-10-11
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Citations: View citations in EconPapers (10)

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