Authors
Sushil Bikhchandani, Joseph M Ostroy
Publication date
2002/12/1
Journal
Journal of Economic theory
Volume
107
Issue
2
Pages
377-406
Publisher
Academic Press
Description
We study assignment problems where individuals trade packages consisting of several, rather than single, objects. Although buyers' reservations values are non-additive, efficient assignments can be formulated as a linear programming problem in which the pricing functions expressing duality may be non-linear in the objects constituting the packages. The interconnections among the linear programming formulation, Walrasian equilibrium, and the core are established. In the single seller (auction) version, a necessary and sufficient condition is given for the Vickrey payoff point to be implementable by a pricing equilibrium. Journal of Economic Literature Classification Numbers: C62, D44, D51.
Total citations
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Scholar articles
S Bikhchandani, JM Ostroy - Journal of Economic theory, 2002