Chain stability in trading networks
In a general model of trading networks with bilateral contracts, we propose a suitably adapted chain stability concept that plays the same role as pairwise stability in two-sided settings. We show that chain stability is equivalent to stability if all agents' preferences are jointly fully subst...
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| Veröffentlicht in: | Theoretical economics 2021, Vol.16 (1), p.197-234 |
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| container_title | Theoretical economics |
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| creator | Hatfield, John William Kominers, Scott Duke Nichifor, Alexandru Ostrovsky, Michael Westkamp, Alexander |
| description | In a general model of trading networks with bilateral contracts, we propose a suitably adapted chain stability concept that plays the same role as pairwise stability in two-sided settings. We show that chain stability is equivalent to stability if all agents' preferences are jointly fully substitutable and satisfy the Laws of Aggregate Supply and Demand. In the special case of trading networks with transferable utility, an outcome is consistent with competitive equilibrium if and only if it is chain stable. |
| doi_str_mv | 10.3982/TE3839 |
| format | Article |
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| ispartof | Theoretical economics, 2021, Vol.16 (1), p.197-234 |
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| language | eng |
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| source | Wiley Online Library - AutoHoldings Journals; Wiley Online Library Open Access; EZB-FREE-00999 freely available EZB journals |
| subjects | Aggregate supply C78 chain stability Competition competitive equilibria D85 Economic theory Equilibrium full substitutability Game theory L14 Laws of Aggregate Supply and Demand Matching stability Supply & demand Supply chains Trading trading networks |
| title | Chain stability in trading networks |
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