Competitive Equilibrium in an Exchange Economy with Indivisibilities *

@inproceedings{Bikhchandani1997CompetitiveEI,
  title={Competitive Equilibrium in an Exchange Economy with Indivisibilities *},
  author={Sushil Bikhchandani and John W. Mamer},
  year={1997}
}
We analyze an exchange economy in which (i) all commodities except money are indivisible, (ii) agents' preferences can be described by a reservation value for each bundle of indivisible objects, and (iii) all agents are price-takers. We obtain a necessary and sufficient condition under which market clearing prices exist. Implications for market mechanisms are discussed. Journal of Economic Literature Classification Numbers: D51, C78. 1997 Academic Press 
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