This paper studies the English (progressive) auction for an exchange economy with multiple objects. The English auction is a tatonnement process and lasts multiple rounds. It is modeled as a sequence of round games. Each round game is a normal form game in which an agent's strategies are his...

This paper studies a production economy with indivisibilities. We provide a characterization for all Walraian equilibria and a necessary and sufficient condition for the existence of Walrasian equilibrium. We find a sufficient condition for every descening (ascending) price process to converge...

This paper studies an exchange economy with indivisibilities. Our main goal is to see if a price system can function well in an economy (e.g., an economy with complementary preferences) that does not have a Walrasian equilibrium. We study the price adjustment processes governed by the Euler...