“…Theoretically, market‐clearing prices might exist in the absence of substitutability although only in fairly restricted preference domains – see, for example, Bikhchandani and Mamer (1997), Danilov et al . (2001), Sun and Yang (2006), Baldwin and Klemperer (2019), and Rostek and Yoder (2020) – but even then, there is no guarantee that an ascending auction, such as the SMRA, would find equilibrium prices even if they exist.…”