{"id":442110,"date":"2026-02-23T15:37:14","date_gmt":"2026-02-23T14:37:14","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/442110\/"},"modified":"2026-02-23T15:37:16","modified_gmt":"2026-02-23T14:37:16","slug":"competitive-and-revenue-optimal-pricing-with-budgets","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/442110\/","title":{"rendered":"Competitive and Revenue-optimal Pricing with Budgets"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-442110","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"In markets with budget-constrained buyers, competitive equilibria need not be efficient in the utilitarian sense, or maximise 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.","onlinedate":"2025-11-01 01:00:00","lang":"English","publication_series":"","publication_date":"20251101","publication_date_year":"","publication_date_full":false,"publication_num_pages":"","keywords":"[\"Competitive equilibrium\",\"revenue maximisation\",\"efficiency\",\"market design\",\"budget constraints\",\"Fisher market\",\"product-mix auction\",\"arctic auction\"]","jelcodes":"[\"D40\",\"D44\",\"D50\"]","related_publications":"[]","pdf":null,"zip":null,"link":"https:\/\/econtheory.org\/ojs\/index.php\/te\/article\/view\/20251135","monthly_report":false,"monthly_report_main":false,"monthly_report_volume":"20","monthly_report_pages":"1135\u20131153","monthly_report_pages_sort":"1135","issue":"4","journal":"Theoretical Economics","publisher":"","invisible":false,"external":true,"embargo_date":null,"types":[83083],"research_groups":[3655],"collaboration":"","persons":[434906,441912,441914],"persons_data":"[{\"personId\":434906,\"personName\":\"Simon Finster\",\"organisationNames\":[]},{\"personId\":441912,\"personName\":\"Paul W. 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