An Auction-Based Market Equilibrium Algorithm for a Production Model
نویسندگان
چکیده
We present an auction-based algorithm for computing market equilibrium prices in a production model, in which producers have a single linear production constraint, and consumers have linear utility functions. We provide algorithms for both the Fisher and Arrow-Debreu versions of the problem.
منابع مشابه
Computing Equilibria in a Fisher Market with Linear Single-Constraint Production Units
We study the problem of computing equilibrium prices in a Fisher market with linear utilities and linear single-constraint production units. This setting naturally appears in ad pricing where the sum of the lengths of the displayed ads is constrained not to exceed the available ad space. There are three approaches to solve market equilibrium problems: convex programming, auction-based algorithm...
متن کاملAuction Algorithm for Production Models
We show an auction-based algorithm to compute market equilibrium prices in a production model, where consumers purchase items under separable nonlinear utility concave functions which satisfy W.G.S(Weak Gross Substitutes); producers produce items with multiple linear production constraints. Our algorithm differs from previous approaches in that the prices are allowed to both increase and decrea...
متن کاملAn Auction-Based Market Equilbrium Algorithm for the Separable Gross Substitutibility Case
In this paper we study the problem of market equilibrium. Firstly we consider the model (Fischer model) where there is a supply of money associated with each buyer and a quantity associated with each item. The market equilibrium problem is to compute a price vector which ensures market clearing, i.e. the demand of a good equals its supply, and subject to his endowment, each buyer maximizes his ...
متن کاملAn Auction-Based Market Equilibrium Algorithm for the Separable Gross Substitutability Case
Utility functions satisfying gross substitutability have been studied extensively in the economics literature [1, 11, 12] and recently, the importance of this property has been recognized in the design of combinatorial polynomial time market equilibrium algorithms [8]. This naturally raises the following question: is it possible to design a combinatorial polynomial time algorithm for this gener...
متن کاملB2B electronic market analysis using game theory
In the explosive growth of Business to Business (B2B) Electronic Trades, electronic markets have received a great deal of attention recently. The obtained profit of trading in E-B2B market encourage market participants to remain in the market. Market participants consist of: sellers, buyers, and market owner. In this paper the expected profit function for each market participant has been define...
متن کامل