Publication: Foundations of pseudomarkets: Walrasian equilibria for discrete resources
Foundations of pseudomarkets: Walrasian equilibria for discrete resources
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Miralles, A., & Pycia, M. (2021). Foundations of pseudomarkets: Walrasian equilibria for discrete resources (No. 385; Working Paper Series / Department of Economics).
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We study the assignment of discrete resources in a general model encompassing a wide range of applied environments, such as school choice, course allocation, and refugee resettlement. We allow single-unit and general multi-unit demands and any linear constraints. We prove the Second Welfare Theorem for these environments and a strong version of the First Welfare Theorem. In this way, we establish an equivalence between strong efficiency and decentralization through prices in discrete environments. Showing that all strongly efficient o
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Miralles, A., & Pycia, M. (2021). Foundations of pseudomarkets: Walrasian equilibria for discrete resources (No. 385; Working Paper Series / Department of Economics).
