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Overdemand and underdemand in economies with indivisible goods and unit demand

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  • Debasis Mishra

    ()
    (Indian Statistical Institute, New Delhi)

  • Dolf Talman

    ()
    (Department of Econometrics & Operations Research and CentER, Tilburg University, Tilburg)

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. Using our characterizations, we give a suncient set of rules that generates a broad class of ascending and descending auctions in which truthful bidding is an ex post Nash equilibrium.

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Bibliographic Info

Paper provided by Indian Statistical Institute, New Delhi, India in its series Indian Statistical Institute, Planning Unit, New Delhi Discussion Papers with number 07-03.

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Length: 45 pages
Date of creation: Apr 2007
Date of revision:
Handle: RePEc:ind:isipdp:07-03

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  1. 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.
  2. Bikhchandani, Sushil & Ostroy, Joseph M., 2002. "The Package Assignment Model," Journal of Economic Theory, Elsevier, vol. 107(2), pages 377-406, December.
  3. Groves, Theodore, 1973. "Incentives in Teams," Econometrica, Econometric Society, vol. 41(4), pages 617-31, July.
  4. Gul, Faruk & Stacchetti, Ennio, 2000. "The English Auction with Differentiated Commodities," Journal of Economic Theory, Elsevier, vol. 92(1), pages 66-95, May.
  5. Gul, Faruk & Stacchetti, Ennio, 1999. "Walrasian Equilibrium with Gross Substitutes," Journal of Economic Theory, Elsevier, vol. 87(1), pages 95-124, July.
  6. Marilda Sotomayor, 2002. "A Simultaneous Descending Bid Auction for Multiple Items and Unitary Demand," Revista Brasileira de Economia, FGV/EPGE Escola Brasileira de Economia e Finan├žas, Getulio Vargas Foundation (Brazil), vol. 56(3), pages 497-510, July.
  7. Edward Clarke, 1971. "Multipart pricing of public goods," Public Choice, Springer, vol. 11(1), pages 17-33, September.
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Cited by:
  1. Gerard van der Laan & Zaifu Yang, 2011. "An Ascending Multi-Item Auction with Financially Constrained Bidders," Discussion Papers 11/04, Department of Economics, University of York.
  2. 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.

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