Gross substitutes

1. In microeconomics, two commodities and are called gross substitutes, if. 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.
2. In auction theory and competitive equilibrium theory, a valuation function is said to have the gross substitutes property if for all pairs of commodities:. I.e., the definition includes both substitute goods and independent goods, and only rules out complementary goods. See Gross substitutes.