This paper considers an economic model in which producers and consumers trade various indivisible commodities through a perfectly divisible commodity, money. On the basis of the recent developments in discrete mathematics (combinatorial optimization), we give an efficient algorithm to decide whether a competitive equilibrium exists or not, when cost functions of the producers are M-convex and utility functions of the consumers are M-concave and quasilinear in money, where M-convexity is closely related to the gross substitutes condition.
|ジャーナル||Japan Journal of Industrial and Applied Mathematics|
|出版ステータス||Published - 2003 10|
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