Meaning Gross substitutes
What does Gross substitutes mean? Here you find 3 meanings of the word Gross substitutes. You can also add a definition of Gross substitutes yourself
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Gross substitutesTwo goods are gross substitutes if a rise in the price of one causes an increase in demand for the other.
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Gross substitutesThe assumption that goods are gross substitutes is applied to a set of excess demand functions ei(p 1,…, pn), i = 1,…, n, where pi is the price of ...
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Gross substitutesThe gross substitute assumption is used to establish the existence and uniqueness of an equilibrium and to prove the equilibrium to be stable for a dynamic ...
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