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A Walrasian auction, introduced by Léon Walras, is a type of simultaneous auction where each agent calculates its demand for the good at every possible price and submits this to an auctioneer. The price is then set so that the total demand across all agents equals the total amount of the good.
The Walrasian auction is a type of simultaneous auction where each agent calculates its demand for the good at every possible price and submits this to an auctioneer. The price is then set so that the total demand across all agents equals the total amount of the good. Thus, a Walrasian auction perfectly matches the supply and the demand.
Envy-free pricing - a relaxation of Walrasian equilibrium in which some items may remain unallocated. Fisher market - a simplified market model, with a single seller and many buyers, in which a CE can be computed efficiently. Allocative efficiency; Economic equilibrium; General equilibrium theory; Walrasian auction
Walras's law is a consequence of finite budgets. If a consumer spends more on good A then they must spend and therefore demand less of good B, reducing B's price. The sum of the values of excess demands across all markets must equal zero, whether or not the economy is in a general equilibrium.
Auction theory is a branch of applied economics that deals with how bidders act in auctions and researches how the features of auctions incentivise predictable outcomes. Auction theory is a tool used to inform the design of real-world auctions. Sellers use auction theory to raise higher revenues while allowing buyers to procure at a lower cost.
The Bondareva–Shapley theorem: the core of a game is nonempty if and only if the game is "balanced". [5] [6] Every Walrasian equilibrium has the core property, but not vice versa. The Edgeworth conjecture states that, given additional assumptions, the limit of the core as the number of consumers goes to infinity is a set of Walrasian equilibria.
From your comments, it sounds like "French auction" is a term used more in practice, so the Walrasian auction would be a generalization. Mike Wellman is well known in auctions and mechanism design as it pertains to AI in computer science, and has a few well-cited papers on using Walrasian auctions (search for Walras): [1] .
Francis Ysidro Edgeworth first described what later became known as the limit theorem in his book Mathematical Psychics (1881). He used a variant of what is now known as the Edgeworth box (with quantities traded, rather than quantities possessed, on the relevant axes) to analyse trade between groups of traders of various sizes.