The English auction with differentiated commodities
type: Item
instance of: scholarly article
title: The English auction with differentiated commodities
zbMATH Open document ID: 0962.91027
author: Faruk Gul
author: Ennio Stacchetti
published in: Journal of Economic Theory
publication date: 2001-06-11T00:00:00Z
review text: The authors study an economy consisting of finite collections of objects and consumers. Each consumer is endowed with a utility function and with a sufficient amount of money. Under suitable assumptions on the utility functions, it is proved that prices converge to the smallest Walrasian price. The key ingredient of the proof is a determination of an excess demand set. It is also shown that truthful revelation of demand is a perfect Bayesian equilibrium if the smallest Walrasian prices correspond to the Vickrey-Clarke-Groves payments. The main technical tool used in the paper is the matroid theory and submodular optimization.
Mathematics Subject Classification ID: 91B26
Mathematics Subject Classification ID: 91B24
zbMATH DE Number: 1496286
zbMATH Keywords: excess demand
zbMATH Keywords: Walrasian equilibrium
zbMATH Keywords: submodular optimization
zbMATH Keywords: matroid theory
Wikidata QID: Q30050409
reviewed by: Rimas Norvaiša
MaRDI profile type: Publication
OpenAlex ID: W2023732846
cites work: Q5684698
cites work: Submodular functions and optimization
cites work: Walrasian equilibrium with gross substitutes
cites work: On Representatives of Subsets
cites work: Job Matching, Coalition Formation, and Gross Substitutes
cites work: Q3976515
DBLP publication ID: journals/jet/GulS00
DOI: 10.1006/JETH.1999.2580
description: scientific article; zbMATH DE number 1496286