An Auction Algorithm for Market Equilibrium with Weak Gross Substitute Demands

Edin Husić; Jugal Garg; László A. Végh

doi:10.1145/3624558

An Auction Algorithm for Market Equilibrium with Weak Gross Substitute Demands

Edin Husić, Jugal Garg, László A. Végh

Research output: Contribution to journal › Article › peer-review

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.

Original language	English (US)
Article number	7
Journal	ACM Transactions on Economics and Computation
Volume	11
Issue number	3-4
DOIs	https://doi.org/10.1145/3624558
State	Published - Dec 19 2023

Keywords

Auction algorithm
Fisher equilibrium
Gale equilibrium
Weak gross substitutes

ASJC Scopus subject areas

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

Online availability

10.1145/3624558

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An Auction Algorithm for Market Equilibrium with Weak Gross Substitute Demands

Abstract

Keywords

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