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Overdemand and underdemand in economies with invisible goods and unit demands

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Author Info
Mishra, Debasis
Talman, Dolf (Tilburg University, Center for Economic Research)

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Abstract

We study an economy where a collection of indivisible goods are sold to a set of buyers who want to buy at most one good. We characterize the set of Walrasian equilibrium price vectors in such an economy using sets of overdemanded and underdemanded goods. Further, we give characterizations for the minimum and the maximum Walrasian equilibrium price vectors of this economy. As a consequence of these characterizations, we can say if overdemanded sets of goods and underdemanded sets of goods exist at a price vector given its position in the price vector space with respect to the minimum and the maximum Walrasian equilibrium price vectors. We also analyze what happens with the Walrasian equilibrium price vectors if one of the buyers or one of the goods is removed from the economy.

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Paper provided by Tilburg University, Center for Economic Research in its series Discussion Paper with number 84.

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Date of creation: 2006
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Handle: RePEc:dgr:kubcen:200684

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Find related papers by JEL classification:
C62 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Existence and Stability Conditions of Equilibrium
D44 - Microeconomics - - Market Structure and Pricing - - - Auctions
D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Gul, Faruk & Stacchetti, Ennio, 2000. "The English Auction with Differentiated Commodities," Journal of Economic Theory, Elsevier, vol. 92(1), pages 66-95, May. [Downloadable!] (restricted)
  2. Gul, Faruk & Stacchetti, Ennio, 1999. "Walrasian Equilibrium with Gross Substitutes," Journal of Economic Theory, Elsevier, vol. 87(1), pages 95-124, July. [Downloadable!] (restricted)
  3. Marilda Sotomayor, 2002. "A Simultaneous Descending Bid Auction for Multiple Items and Unitary Demand," Revista Brasileira de Economia, Graduate School of Economics, Getulio Vargas Foundation (Brazil), vol. 56(3), April. [Downloadable!]
  4. Groves, Theodore, 1973. "Incentives in Teams," Econometrica, Econometric Society, vol. 41(4), pages 617-31, July. [Downloadable!] (restricted)
  5. Sankaran, Jayaram K., 1994. "On a dynamic auction mechanism for a bilateral assignment problem," Mathematical Social Sciences, Elsevier, vol. 28(2), pages 143-150, October. [Downloadable!] (restricted)
  6. Bikhchandani, Sushil & Ostroy, Joseph M., 2002. "The Package Assignment Model," Journal of Economic Theory, Elsevier, vol. 107(2), pages 377-406, December. [Downloadable!] (restricted)
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Cited by:
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  1. Gerard van der Laan & Zaifu Yang, 2008. "An Ascending Multi-Item Auction with Financially Constrained Bidders," Tinbergen Institute Discussion Papers 08-017/1, Tinbergen Institute. [Downloadable!]
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