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| Author: | Gul, F. Stacchetti, E. |
| Title: | Walrasian equilibrium with gross substitutes |
| Journal: | Journal of Economic Theory
1999 : JUL, VOL. 87:1, p. 95-124 |
| Index terms: | Theories Equilibrium analysis Demand Models |
| Language: | eng |
| Abstract: | In the paper, economies with indivisibilities satisfying the gross substitutes (or GS) condition are studied. The simplest example of GS preferences are unit demand preferences. It is proven that the set of GS preferences is the largest set containing unit demand preferences for which the existence of Walrasian equilibrium is guaranteed. It is shown that if a GS economy is replicated sufficiently many times, the equilibrium payment of any agent in the Vickrey-Clarke-Groves mechanism is equal to the value of the allocation received at the smallest Walrasian prices. The model is extended to include production. |
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