Demand-flow of agents with gross-substitute valuations

Erel Segal-Halevi; Avinatan Hassidim; Yonatan Aumann

doi:10.1016/j.orl.2016.09.012

Demand-flow of agents with gross-substitute valuations

Erel Segal-Halevi
, Avinatan Hassidim
, Yonatan Aumann

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

1 Scopus citations

Abstract

We consider the gross-substitute (GS) condition introduced by Kelso and Crawford (1982). GS is a condition on the demand-flow in a specific scenario: some items become more expensive while other items retain their price. We prove that GS is equivalent to a much stronger condition, describing the demand-flow in the general scenario in which all prices may change: the demand of GS agents always flows (weakly) downwards, i.e., from items with higher price-increase to items with lower price-increase.

Original language	English
Pages (from-to)	757-760
Number of pages	4
Journal	Operations Research Letters
Volume	44
Issue number	6
DOIs	https://doi.org/10.1016/j.orl.2016.09.012
State	Published - 1 Nov 2016
Externally published	Yes

Keywords

Demand
Gross substitutes
Indivisible items
Utility functions

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10.1016/j.orl.2016.09.012

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abstract = "We consider the gross-substitute (GS) condition introduced by Kelso and Crawford (1982). GS is a condition on the demand-flow in a specific scenario: some items become more expensive while other items retain their price. We prove that GS is equivalent to a much stronger condition, describing the demand-flow in the general scenario in which all prices may change: the demand of GS agents always flows (weakly) downwards, i.e., from items with higher price-increase to items with lower price-increase.",

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AU - Hassidim, Avinatan

AU - Aumann, Yonatan

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AB - We consider the gross-substitute (GS) condition introduced by Kelso and Crawford (1982). GS is a condition on the demand-flow in a specific scenario: some items become more expensive while other items retain their price. We prove that GS is equivalent to a much stronger condition, describing the demand-flow in the general scenario in which all prices may change: the demand of GS agents always flows (weakly) downwards, i.e., from items with higher price-increase to items with lower price-increase.

KW - Demand

KW - Gross substitutes

KW - Indivisible items

KW - Utility functions

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JO - Operations Research Letters

JF - Operations Research Letters

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ER -

Demand-flow of agents with gross-substitute valuations

Abstract

Keywords

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