An Auction Algorithm for Market Equilibrium with Weak Gross Substitute Demands-Reference-Cited by-同舟云学术

An Auction Algorithm for Market Equilibrium with Weak Gross Substitute Demands

Published:2023-12-19 Issue:3-4 Volume:11 Page:1-24
ISSN:2167-8375
Container-title:ACM Transactions on Economics and Computation
language:en
Short-container-title:ACM Trans. Econ. Comput.

Author:

Garg Jugal¹^ORCID,Husić Edin²^ORCID,Végh László A.³^ORCID

Affiliation:

1. University of Illinois at Urbana-Champaign, USA

2. IDSIA, USI-SUPSI, Switzerland

3. London School of Economics and Political Science, UK

Abstract

We consider the Arrow–Debreu exchange market model under the assumption that the agents’ demands satisfy the weak gross substitutes (WGS) property. We present a simple auction algorithm that obtains an approximate market equilibrium for WGS demands assuming the availability of a price update oracle. We exhibit specific implementations of such an oracle for WGS demands with bounded price elasticities and for Gale demand systems.

Funder

NSF

SNSF

European Research Council (ERC) under the European Union’s Horizon 2020 research and innovation programme

Publisher

Association for Computing Machinery (ACM)

Subject

Computational Mathematics,Marketing,Economics and Econometrics,Statistics and Probability,Computer Science (miscellaneous)

Link

https://dl.acm.org/doi/pdf/10.1145/3624558

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