Computing market equilibrium: beyond weak gross substitutes

Authors:
Chinmay Karande;Nikhil Devanur
Affiliations:
Georgia Institute of Technology, Atlanta, GA;Georgia Institute of Technology, Atlanta, GA
Venue:
WINE'07 Proceedings of the 3rd international conference on Internet and network economics
Year:
2007

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Abstract

The property ofWeak Gross Substitutibility (WGS) of goods in a market has been found to be conducive to efficient algorithms for finding equilibria. In this paper, we give a natural definition of a δ-approximate WGS property, and show that the auction algorithm of [GK04][GKV04] can be extended to give an (Ɛ+δ)-approximate equilibrium for markets with this property.