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research article : Verifying gross substitutability

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Author Info
Jos A.M. Potters () (Department of Mathematics, Nijmegen University, P.O. Box 9010,6500 GL Nijmegen,THE NETHERLANDS)
Anita van Gellekom () (Department of Mathematics, Nijmegen University, P.O. Box 9010,6500 GL Nijmegen,THE NETHERLANDS)
Hans Reijnierse () (Department of Econometrics and CentER, Tilburg University, P.O. Box 90153, 5000 LE Tilburg, THE NETHERLANDS .)

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Abstract

In labor market models as well as in exchange economies with indivisible goods gross substitutability is used as a property to guarantee the existence of competitive equilibria. This paper develops an easy way to check gross substitutability for utility functions concerning a finite set of indivisible goods (or employees) and money. Concavity is one of the conditions that has to be satisfied. Only one other, but similar, type of relation must be checked to guarantee gross substitutability.

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File URL: http://link.springer.de/link/service/journals/00199/papers/2020004/20200767.pdf
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Publisher Info
Article provided by Springer in its journal Economic Theory.

Volume (Year): 20 (2002)
Issue (Month): 4 ()
Pages: 767-776
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Handle: RePEc:spr:joecth:v:20:y:2002:i:4:p:767-776

Note: Received: 21 August 2000; revised version: 28 November 2001
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Related research
Keywords: Gross substitutability; Competitive equilibrium; Labor market; Exchange economies with indivisible goods.;

Find related papers by JEL classification:
C62 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Existence and Stability Conditions of Equilibrium
C63 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Computational Techniques
J40 - Labor and Demographic Economics - - Particular Labor Markets - - - General

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This page was last updated on 2009-12-22.

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