The existence and computation of competitive equilibria in markets with an indivisible commodity

Mamoru Kaneko, Yoshitsugu Yamamoto

研究成果: Article

36 引用 (Scopus)

抄録

This paper considers an exchange economy called a generalized assignment market, in which sellers and buyers trade one indivisible commodity possibly with product differentiation for a perfectly divisible commodity. The existence of a competitive equilibrium in this economy is proved using Kakutani's fixed point theorem. This existence theorem is applied to a production economy in which sellers are formulated as producers with convex cost functions. Two examples of housing markets are provided and their competitive equilibria are numerically calculated.

元の言語English
ページ(範囲)118-136
ページ数19
ジャーナルJournal of Economic Theory
38
発行部数1
DOI
出版物ステータスPublished - 1986
外部発表Yes

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Competitive equilibrium
Seller
Commodities
Fixed point theorem
Housing market
Product differentiation
Exchange economy
Assignment
Cost function
Buyers
Production economies

ASJC Scopus subject areas

  • Economics and Econometrics

これを引用

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