Market Equilibrium Using Auctions for a Class of Gross-Substitute Utilities

In addition to useful Economic interpretation, auction based algorithms are generally found to be efficient. In this note, we observe that the auction-based mechanism can also be used to efficiently compute market equilibrium for a large class of utility functions satisfying gross substitutability, including a range of CES (constant elasticity of substitution) and Cobb-Douglas functions.

• Type: Conference
• Year: 2007
• Where: WINE
• Authors: Rahul Garg, Sanjiv Kapoor
• Keywords: Auction Based Algorithms, Auction-based Mechanism, Economy, Useful Economic Interpretation, WINE 2007