Market Equilibrium under Piecewise Leontief Concave Utilities - [Extended Abstract]

Jugal Garg

Abstract: Leontief function is one of the most widely used function in economic modeling, for both production and preferences. However it lacks the desirable property of diminishing returns. In this paper, we consider piecewise Leontief concave (p-Leontief) utility function which consists of a set of Leontief-type segments with decreasing returns and upper limits on the utility. Leontief is a special case when there is exactly one segment with no upper limit.