Walrasian Price Equilibrium
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Walrasian equilibrium in an exchange economy with indivisibilities
This paper studies an exchange economy with indivisibilities. Our main goal is to see if a price system can function well in an economy (e.g., an economy with complementary preferences) that does not have a Walrasian equilibrium. We study the price adjustment processes governed by the Euler iterative scheme. We show that in an economy that has a Walrasian equilibrium, our price adjustment proce...
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In the uniform-price auction with adjustable supply, the seller decides how much to sell after receiving the bids so as to maximize its ex post profit. Given N bidders and adjustable supply, all equilibria of the uniform-price auction lead to price on order 1 N3 below the Walrasian price. By contrast, given the usual market-clearing rule it is well-known that the uniform-price auction can lead ...
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تاریخ انتشار 2009