Auction Algorithms for Market Equilibrium with Weak Gross Substitute Demands
We consider the exchange market models with divisible goods where the demands of the agents satisfy the weak gross substitutes (WGS) property. This is a well-studied property, in particular, it gives a sufficient condition for the convergence of the classical tatonnement dynamics. In this paper, we present a simple auction algorithm that obtains an approximate market equilibrium for WGS demands. Such auction algorithms have been previously known for restricted classes of WGS demands only. As an application of our result, we obtain an efficient algorithm to find an approximate spending-restricted market equilibrium for WGS demands, a model that has been recently introduced as a continuous relaxation of the Nash Social Welfare problem.