An auction algorithm for market equilibrium with weak gross substitute demands
Garg, J., Husić, E. & Végh, L. A.
(2023).
An auction algorithm for market equilibrium with weak gross substitute demands.
ACM Transactions on Economics and Computation,
11(3-4), 1 - 24.
https://doi.org/10.1145/3624558
(2023).
An auction algorithm for market equilibrium with weak gross substitute demands.
ACM Transactions on Economics and Computation,
11(3-4), 1 - 24.
https://doi.org/10.1145/3624558
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.