Title of article :
A competitive market model for indivisible commodities
Author/Authors :
Zaifu Yang، نويسنده ,
Issue Information :
روزنامه با شماره پیاپی سال 2003
Pages :
7
From page :
41
To page :
47
Abstract :
A general competitive market model for trading indivisible goods is introduced. There are a group of traders and several indivisible goods. Each trader is initially endowed with several units of each indivisible good and some amount of money. Traders have preferences over the bundle of indivisible goods and the quantity of money they consume. It is shown that the market has a Walrasian equilibrium if and only if an associated linear program problem has an optimal solution with its value equal to the potential market value, and that the equilibrium prices of the goods and the profits of the traders are the optimal solutions of the linear program problem.
Keywords :
Market , Indivisibility , Walrasian equilibrium , linear program , Potential market value
Journal title :
Economics Letters
Serial Year :
2003
Journal title :
Economics Letters
Record number :
435081
Link To Document :
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