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Buying Several Indivisible Goods

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Author Info
Carmen Bevia
Martine Quinzii
JosŽ A. Silva

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Abstract

This paper studies economies where agents exchange indivisible goods and money. Agents have potential use for all indivisible goods and the indivisible goods are differentiated. We assume that agents have quasi-linear utilities in money, have sufficient money endowments to afford any group of objects priced below their reservation values, have reservation values which are submodular and satisfy the Cardinality Condition. This Cardinality Condition requires that for each agent the marginal utility of an object only depends on the number of objects to which it is added, not on their characteristics. Under these assumptions, we show that the set of competitive equilibrium prices is a non empty lattice and that, in any equilibrium, the price of an object is between the social value of the object and its value in its second best use.

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Paper provided by California Davis - Department of Economics in its series Department of Economics with number 97-20.

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Handle: RePEc:fth:caldec:97-20

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  1. Khutoretsky Aleksandr, 2001. "Analysis of Short-Term Equilibria in a Housing Market with Application to Development of Housing Policy," EERC Working Paper Series 2k-05e, EERC Research Network, Russia and CIS. [Downloadable!]
  2. Laan, G. van der & Talman, D. & Yang, Z., 1999. "Existence and welfare properties of equilibrium in an exchange economy with multiple divisible, indivisible commodities and linear production technologies," Discussion Paper 76, Tilburg University, Center for Economic Research. [Downloadable!]
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  3. Ning Sun & Zaifu Yang, 2008. "A Double-Track Auction for Substitutes and Complements," KIER Working Papers 656, Kyoto University, Institute of Economic Research. [Downloadable!]
  4. Koshevoy, G.A. & Talman, D., 2002. "Competitive equilibria in economies with multiple divisible and multiple indivisible commodities," Discussion Paper 71, Tilburg University, Center for Economic Research. [Downloadable!]
  5. Koshevoy, Gleb A. & Talman, Dolf, 2006. "Competitive equilibria in economies with multiple divisible and indivisible commodities and no money," Discussion Paper 51, Tilburg University, Center for Economic Research. [Downloadable!]
  6. Goossens, D.R. & Müller, R. & Spieksma, F.C.R., 2007. "Matrix bids in combinatorial auctions: expressiveness and micro-economic properties," Research Memoranda 016, Maastricht : METEOR, Maastricht Research School of Economics of Technology and Organization. [Downloadable!]
  7. Talman, Dolf & Yang, Zaifu, 2006. "A discrete multivariate mean value theorem with applications," Discussion Paper 106, Tilburg University, Center for Economic Research. [Downloadable!]
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