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Understanding preferences: “Demand types”, and the existence of equilibrium with indivisibilities

Abstract:

An Equivalence Theorem between geometric structures and utility functions allows new methods for understanding preferences. Our classification of valuations into “Demand Types” incorporates existing definitions (substitutes, complements, “strong substitutes,” etc.) and permits new ones. Our Unimodularity Theorem generalizes previous results about when competitive equilibrium exists for any set of agents whose valuations are all of a “demand type.” Contrary to popular belief, equilibrium is gu...

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Publication status:
Published
Peer review status:
Peer reviewed
Version:
Accepted Manuscript

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Publisher copy:
10.3982/ECTA13693

Authors


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Institution:
University of Oxford
Division:
Social Sciences Division
Department:
Economics
Oxford college:
Hertford College
ORCID:
0000-0002-5353-1839
More by this author
Institution:
University of Oxford
Division:
Social Sciences Division
Department:
Economics
Publisher:
The Econometric Society Publisher's website
Journal:
Econometrica Journal website
Volume:
87
Issue:
3
Pages:
867-932
Publication date:
2019-05-20
Acceptance date:
2019-01-08
DOI:
EISSN:
1468-0262
ISSN:
0012-9682
Pubs id:
pubs:984737
URN:
uri:dc2b34d4-8343-4dc8-aabd-4afdabfd48b1
UUID:
uuid:dc2b34d4-8343-4dc8-aabd-4afdabfd48b1
Local pid:
pubs:984737

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