Open AccessGross substitutes and endowed assignment valuations
Author(s) -
Ostrovsky Michael,
Paes Leme Renato
Publication year - 2015
Publication title -
theoretical economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 4.404
H-Index - 32
eISSN - 1555-7561
pISSN - 1933-6837
DOI - 10.3982/te1840
Subject(s) - mathematical economics , economics , computer science , microeconomics , mathematics
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.