Equilibrium in the Assignment Market under Budget Constraints

G. van der Laan, Dolf Talman, Z. Yang

Research output: Working paperDiscussion paperOther research output

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Abstract

We reexamine the well-known assignment market model in a more general and more practical environment where agents may be financially constrained. These constraints will be shown to have an important impact on the set of Walrasian equilibria. We prove that a price adjustment process will either find a unique minimal Walrasian equilibrium price vector, or exclusively validate the nonexistence of equilibrium
Original languageEnglish
Place of PublicationTilburg
PublisherCentER, Center for Economic Research
Number of pages13
Volume2018-046
Publication statusPublished - 12 Nov 2018

Publication series

NameCentER Discussion Paper
Volume2018-046

Fingerprint

Walrasian equilibrium
Assignment
Budget constraint
Price adjustment
Market model
Adjustment process
Equilibrium price

Keywords

  • assignment
  • auction
  • budget constraint
  • Walrasian equilibrium

Cite this

van der Laan, G., Talman, D., & Yang, Z. (2018). Equilibrium in the Assignment Market under Budget Constraints. (CentER Discussion Paper; Vol. 2018-046). Tilburg: CentER, Center for Economic Research.
van der Laan, G. ; Talman, Dolf ; Yang, Z. / Equilibrium in the Assignment Market under Budget Constraints. Tilburg : CentER, Center for Economic Research, 2018. (CentER Discussion Paper).
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van der Laan, G, Talman, D & Yang, Z 2018 'Equilibrium in the Assignment Market under Budget Constraints' CentER Discussion Paper, vol. 2018-046, CentER, Center for Economic Research, Tilburg.

Equilibrium in the Assignment Market under Budget Constraints. / van der Laan, G.; Talman, Dolf; Yang, Z.

Tilburg : CentER, Center for Economic Research, 2018. (CentER Discussion Paper; Vol. 2018-046).

Research output: Working paperDiscussion paperOther research output

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T1 - Equilibrium in the Assignment Market under Budget Constraints

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AU - Talman, Dolf

AU - Yang, Z.

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N2 - We reexamine the well-known assignment market model in a more general and more practical environment where agents may be financially constrained. These constraints will be shown to have an important impact on the set of Walrasian equilibria. We prove that a price adjustment process will either find a unique minimal Walrasian equilibrium price vector, or exclusively validate the nonexistence of equilibrium

AB - We reexamine the well-known assignment market model in a more general and more practical environment where agents may be financially constrained. These constraints will be shown to have an important impact on the set of Walrasian equilibria. We prove that a price adjustment process will either find a unique minimal Walrasian equilibrium price vector, or exclusively validate the nonexistence of equilibrium

KW - assignment

KW - auction

KW - budget constraint

KW - Walrasian equilibrium

M3 - Discussion paper

VL - 2018-046

T3 - CentER Discussion Paper

BT - Equilibrium in the Assignment Market under Budget Constraints

PB - CentER, Center for Economic Research

CY - Tilburg

ER -

van der Laan G, Talman D, Yang Z. Equilibrium in the Assignment Market under Budget Constraints. Tilburg: CentER, Center for Economic Research. 2018 Nov 12. (CentER Discussion Paper).