Gross substitutes
id:
gross-substitutes-291-6608280
title:
Gross substitutes
text:
The term gross substitutes is used in two slightly different meanings: In microeconomics, two commodities X and Y are called gross substitutes, if Δ demand Δ price > 0 . I.e., an increase in the price of one commodity causes people to want strictly more of the other commodity, since the commodities can substitute each other.
In auction theory and competitive equilibrium theory, a valuation function is said to have the gross substitutes (GS) property if for all pairs of commodities: Δ demand Δ pr
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wiki
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encyclopedia
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original url:
https://en.wikipedia.org/wiki/Gross_substitutes
date created:
date modified:
2016-09-23T14:37:36Z
main entity:
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