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Information for Staff

Calendar

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16:30 - 18:00 25 February 2014

Geometry, Auctions, Matching, and the Existence of Equilibrium with Indivisibilities

Location

Room 321 | Drayton House (link Map)
30 Gordon Street | London | WC1H 0AN | United Kingdom

Open to: Academic | Student
Ticketing: Open

Speaker information

Paul Klemperer
Elizabeth Baldwin

We will describe a new geometric framework of "demand types" for categorising and understanding demand. For example, we obtain easy-to-check necessary and sufficient conditions for the existence of a competitive equilibrium for indivisible goods. (Contrary to common belief, existence is not associated with substitute relationships.) We can use the same geometric techniques to analyse stability in matching problems. The techniques also help develop the “product mix auction” that Paul invented in response to the then-Governor of the Bank of England, Mervyn King’s request at the beginning of the financial crisis. The Bank of England this month implemented an updated version of the auction (endogenising total quantity and permitting more dimensions) with help from both Elizabeth and Paul, and Mark Carney recently announced plans for greater use of the auction.


Contact

Department of Economics - Reception
020 7679 5888 | -


Links

Seminar paper
Interview
Original auction paper


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