TY - JOUR
T1 - Core and competitive equilibria
T2 - An approach from discrete convex analysis
AU - Yokote, Koji
N1 - Funding Information:
I thank Yukihiko Funaki, Mamoru Kaneko, Fuhito Kojima and two anonymous referees for their valuable comments and suggestions. I thank Hervé Moulin for providing valuable comments on an earlier version of this paper. I am grateful for financial support from the Japan Society for the Promotion of Science (JSPS) .
Publisher Copyright:
© 2016 Elsevier B.V.
PY - 2016/10/1
Y1 - 2016/10/1
N2 - We extend the assignment market (Shapley and Shubik, 1972; Kaneko, 1976, 1982) by utilizing discrete convex analysis. We consider the market in which buyers and sellers trade indivisible commodities for money. Each buyer demands at most one unit of commodity. Each seller produces multiple units of several types of commodities. We make the quasi-linearity assumption on the sellers, but not on the buyers. We assume that the cost function of each seller is M♮-convex, which is a concept in discrete convex analysis. We prove that the core and the competitive equilibria exist and coincide in our market model.
AB - We extend the assignment market (Shapley and Shubik, 1972; Kaneko, 1976, 1982) by utilizing discrete convex analysis. We consider the market in which buyers and sellers trade indivisible commodities for money. Each buyer demands at most one unit of commodity. Each seller produces multiple units of several types of commodities. We make the quasi-linearity assumption on the sellers, but not on the buyers. We assume that the cost function of each seller is M♮-convex, which is a concept in discrete convex analysis. We prove that the core and the competitive equilibria exist and coincide in our market model.
KW - Assignment market
KW - Competitive equilibrium
KW - Core
KW - Discrete convex analysis
KW - M-convex function
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U2 - 10.1016/j.jmateco.2016.06.007
DO - 10.1016/j.jmateco.2016.06.007
M3 - Article
AN - SCOPUS:84979752240
SN - 0304-4068
VL - 66
SP - 1
EP - 13
JO - Journal of Mathematical Economics
JF - Journal of Mathematical Economics
ER -