Overdemand and underdemand in economies with indivisible goods and unit demand
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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- Edward Clarke, 1971. "Multipart pricing of public goods," Public Choice, Springer, vol. 11(1), pages 17-33, September.
- Gul, Faruk & Stacchetti, Ennio, 1999. "Walrasian Equilibrium with Gross Substitutes," Journal of Economic Theory, Elsevier, vol. 87(1), pages 95-124, July.
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- Sven de Vries & James Schummer, 2005.
"On Ascending Vickrey Auctions for Heterogeneous Objects,"
2005 Meeting Papers
389, Society for Economic Dynamics.
- de Vries, Sven & Schummer, James & Vohra, Rakesh V., 2007. "On ascending Vickrey auctions for heterogeneous objects," Journal of Economic Theory, Elsevier, vol. 132(1), pages 95-118, January.
- Sotomayor, Marilda, 2002. "A Simultaneous Descending Bid Auction for Multiple Items and Unitary Demand," Revista Brasileira de Economia, FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil), vol. 56(3), July.
- Mishra, Debasis & Parkes, David C., 2007.
"Ascending price Vickrey auctions for general valuations,"
Journal of Economic Theory,
Elsevier, vol. 132(1), pages 335-366, January.
- MISHRA, Debasis & PARKES, David C., 2005. "Ascending price Vickrey auctions for general valuations," CORE Discussion Papers 2005052, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Demange, Gabrielle & Gale, David & Sotomayor, Marilda, 1986. "Multi-Item Auctions," Journal of Political Economy, University of Chicago Press, vol. 94(4), pages 863-72, August.
- Groves, Theodore, 1973. "Incentives in Teams," Econometrica, Econometric Society, vol. 41(4), pages 617-31, July.
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