Verifying gross substitutability
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.
Volume (Year): 20 (2002)
Issue (Month): 4 ()
|Note:||Received: 21 August 2000; revised version: 28 November 2001|
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