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The Structure of Equilibria in Trading Networks with Frictions

Schlegel, J. C. ORCID: 0000-0002-8385-8349 (2022). The Structure of Equilibria in Trading Networks with Frictions. Theoretical Economics, 17(2), pp. 801-839. doi: 10.3982/TE4405

Abstract

Several structural results for the set of competitive equilibria in trading networks with frictions are established: The lattice theorem, the rural hospitals theorem, the existence of side-optimal equilibria, and a group-incentive-compatibility result hold with imperfectly transferable utility and in the presence of frictions. While our results are developed in a trading network model, they also imply analogous (and new) results for exchange economies with combinatorial demand and for two-sided matching markets with transfers.

Publication Type: Article
Additional Information: © 2022 The Author. Licensed under the Creative Commons Attribution-NonCommercial License 4.0.
Publisher Keywords: Trading Networks; Full Substitutability; Imperfectly Transfer-able Utility; Competitive Equilibrium; Indivisible Goods; Frictions; Lattice;Rural Hospitals
Subjects: H Social Sciences > HB Economic Theory
Departments: School of Arts & Social Sciences > Economics
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