Competitive and revenue‐optimal pricing with budgets
研究了预算约束买家市场中，竞争均衡价格在卖家零成本时是唯一且收入最优的，为市场设计者提供了定价参考。
In markets with budget‐constrained buyers, competitive equilibria need not be efficient in the utilitarian sense or maximize the seller's revenue. We consider a setting with multiple divisible goods. Competitive equilibrium outcomes, and only those, are constrained utilitarian efficient, a notion of utilitarian efficiency that respects buyers' demands and budgets. Our main contribution establishes that when buyers have linear valuations, competitive equilibrium prices are unique and revenue‐optimal for a zero‐cost seller.