Equilibrium, Auction, Multiple Substitutes and Complements

Akiyoshi Shioura and Zaifu Yang

Discussion Papers from Department of Economics, University of York

Abstract: We study a market model where there are n different types of indivisible goods for sale. The goods can be substitutable or complementary. There are multiple units of each good. Each agent may consume several goods and has quasi-linear utilities in money. We introduce a general condition which will be shown to guarantee the existence of a Walrasian equilibrium and generalize several existing conditions such as gross substitutes, strong substitutes, and gross substitutes and complements. We also identify several characterizations of this condition. Furthermore, we propose a price adjustment process which converges globally to a Walrasian equilibrium.

Keywords: Indivisibility; equilibrium; existence; substitutes and complements; auction (search for similar items in EconPapers)
JEL-codes: C61 C62 D44 D51 (search for similar items in EconPapers)
Date: 2013-07
New Economics Papers: this item is included in nep-mic
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:yor:yorken:13/17

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