Name
Abstract | ||
|---|---|---|
We study the Fisher model of a competitive market from the algorithmic perspective. For that, the related convex optimization problem due to Gale and Eisenberg, [3], is used. The latter problem is known to yield a Fisher equilibrium under some structural assumptions on consumers' utilities, e.g. homogeneity of degree 1, homotheticity etc. We just assume the concavity of consumers' utility functions. For this case we suggest a novel concept of Fisher-Gale equilibrium by introducing consumers' utility prices. We develop a subgradient-type algorithm from Convex Analysis to compute a Fisher-Gale equilibrium by auction. In worst case, the number of price updates needed to achieve the s-tolerance is proportional to 1/epsilon(2). |
Year | DOI | Venue |
|---|---|---|
2015 | 10.1007/978-3-662-48433-3_29 | ALGORITHMIC GAME THEORY, SAGT 2015 |
Keywords | Field | DocType |
Fisher equilibrium,Computation of equilibrium,Price adjustment,Convex optimization,Subgradient methods,Auction | Mathematical economics,Mathematical optimization,Homogeneity (statistics),Subgradient method,Computer science,Perfect competition,Revenue equivalence,Convex optimization,Convex analysis,Computation | Conference |
Volume | ISSN | Citations |
9347 | 0302-9743 | 0 |
PageRank | References | Authors |
0.34 | 0 | 2 |
Name | Order | Citations | PageRank |
|---|---|---|---|
| Yurii Nesterov | 1 | 1800 | 168.77 |
| V. Shikhman | 2 | 50 | 6.95 |