Walrasian equilibrium with gross substitutes

Article Abstract:

Economies with indivisibilities that satisfy the gross substitutes (GS) condition were studied. Unit demand preferences are the simplest example of GS preferences. The study showed that the set of GS preferences is the largest set containing unit demand preferences for which there is a guarantee of Walrasian equilibrium in existence. In addition, the payment of any agent in the Vickrey-Clarke-Groves mechanism is equal to the value of the allocation received at the smallest Walrasian prices provided that a GS economy is replicated many times.

Research, Equilibrium (Economics), Walrasian model

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Time consistent taxation by a government with redistributive goals

Article Abstract:

Time consistency problems usually arise in governments which have redistributive goals, even if they have ruled out poll taxes and other nondistortionary taxes. The research employed advances in the theory of repeated games to analyze constrained-optimal social agreements in governments faced with such problem.

Economics, Research and Development in the Social Sciences and Humanities, Analysis, Taxation

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The English auction with differentiated commodities

Article Abstract:

The English auction with differentiated commodities is studied.

Economic aspects, Prices

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