An auction algorithm for market equilibrium with weak gross substitute demands

Garg, Jugal, Husić, Edin and Végh, László A. ORCID: 0000-0003-1152-200X (2023) An auction algorithm for market equilibrium with weak gross substitute demands. ACM Transactions on Economics and Computation, 11 (3-4). 1 - 24. ISSN 2167-8375

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Abstract

We consider the Arrow–Debreu exchange market model under the assumption that the agents’ demands satisfy the weak gross substitutes (WGS) property. We present a simple auction algorithm that obtains an approximate market equilibrium for WGS demands assuming the availability of a price update oracle. We exhibit specific implementations of such an oracle for WGS demands with bounded price elasticities and for Gale demand systems.

Item Type:	Article
Official URL:	https://dl.acm.org/journal/teac
Divisions:	Mathematics
Subjects:	Q Science > QA Mathematics
Date Deposited:	22 Jan 2024 12:57
Last Modified:	25 Mar 2024 15:33
URI:	http://eprints.lse.ac.uk/id/eprint/121433

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