Continuity Properties of Equilibria in Some Fisher and Arrow-Debreu Market Models
نویسندگان
چکیده
Following up on the work of Megiddo and Vazirani [10], who determined continuity properties of equilibrium prices and allocations for perhaps the simplest market model, Fisher’s linear case, we do the same for: – Fisher’s model with piecewise-linear, concave utilities – Fisher’s model with spending constraint utilities – Arrow-Debreu’s model with linear utilities – Eisenberg-Gale markets.
منابع مشابه
Spending Is Not Easier Than Trading: On the Computational Equivalence of Fisher and Arrow-Debreu Equilibria
It is a common belief that computing a market equilibrium in Fisher’s spending model is easier than computing a market equilibrium in Arrow-Debreu’s exchange model. This belief is built on the fact that we have more algorithmic success in Fisher equilibria than ArrowDebreu equilibria. For example, a Fisher equilibrium in a Leontief market can be found in polynomial time, while it is PPAD-hard t...
متن کاملMarket equilibrium under piecewise Leontief concave utilities
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 cas...
متن کاملMarket Equilibria with Hybrid Linear-Leontief Utilities
We introduce a new family of utility functions for exchange markets. This family provides a natural and ”continuous” hybridization of the traditional linear and Leontief utilities and might be useful in understanding the complexity of computing and approximating of market equilibria. We show that a Fisher equilibrium of an exchange market with m commodities and n traders and hybrid linear-Leont...
متن کاملNoisy Arrow - Debreu Equilibria ∗
I develop a noisy rational expectations equilibrium model with a continuum of states and a full set of options that render the market complete. I show a major difference in equilibrium behavior between models with constant absolute risk aversion (CARA) and non-CARA preferences. First, when informed traders have non-CARA preferences, all equilibria are fully revealing, independent of the amount ...
متن کاملImproved Balanced Flow Computation Using Parametric Flow
We present a new algorithm for computing balanced flows in equality networks arising in market equilibrium computations. The current best time bound for computing balanced flows in such networks requires O(n) maxflow computations, where n is the number of nodes in the network [Devanur et al. 2008]. Our algorithm requires only a single parametric flow computation. The best algorithm for computin...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
برای دانلود متن کامل این مقاله و بیش از 32 میلیون مقاله دیگر ابتدا ثبت نام کنید
ثبت ناماگر عضو سایت هستید لطفا وارد حساب کاربری خود شوید
ورودعنوان ژورنال:
- Electronic Colloquium on Computational Complexity (ECCC)
دوره 15 شماره
صفحات -
تاریخ انتشار 2008