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Existence of Equilibrium for Integer Allocation Problems

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  • Somdeb Lahiri

    (CAFS, IFMR)

Abstract

In this paper we show that if all agents are equipped with discrete concave production functions, then a feasible price allocation pair is a market equilibrium if and only if it solves a linear programming problem, similar to, but perhaps simpler than the one invoked in Yang (2001). Using this result, but assuming discrete concave production functions for the agents once again, we are able to show that the necessary and sufficient condition for the existence of market equilibrium available in Sun and Yang (2004), which involved obtaining a price vector that satisfied infinitely many inequalities, can be reduced to one where such a price vector satisfies finitely many inequalities. A necessary and sufficient condition for the existence of a market equilibrium when the maximum value function is Weakly Monotonic at the initial endowment that follows from our results is that the maximum value function is partially concave at the initial endowment.

Suggested Citation

  • Somdeb Lahiri, 2006. "Existence of Equilibrium for Integer Allocation Problems," Economics Bulletin, AccessEcon, vol. 28(14), pages 1.
    • Handle: RePEc:ebl:ecbull:eb-05aa0016
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    References listed on IDEAS

    as
    1. Peter R. Wurman & Michael P. Wellman, 1999. "Equilibrium Prices in Bundle Auctions," Working Papers 99-09-064, Santa Fe Institute.
    2. Somdeb Lahiri, 2005. "Manipulation via Endowments in a Market with Profit Maximizing Agents," Game Theory and Information 0511008, University Library of Munich, Germany.
    3. Zaifu YANG & Ning SUN, 2004. "The Max-Convolution Approach to Equilibrium Models with Indivisibilities," Econometric Society 2004 Far Eastern Meetings 564, Econometric Society.
    4. Bikhchandani, Sushil & Ostroy, Joseph M., 2002. "The Package Assignment Model," Journal of Economic Theory, Elsevier, vol. 107(2), pages 377-406, December.
    5. Shapley, Lloyd S. & Shubik, Martin, 1969. "On market games," Journal of Economic Theory, Elsevier, vol. 1(1), pages 9-25, June.
    Full references (including those not matched with items on IDEAS)

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    JEL classification:

    • C6 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling

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