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A rational convex program for linear Arrow-Debreu markets

Devanur, Nikhil R., Garg, Jugal and Végh, László A. (2016) A rational convex program for linear Arrow-Debreu markets. ACM Transactions on Economics and Computation, 5 (1). p. 6. ISSN 2167-8375

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Identification Number: 10.1145/2930658

Abstract

We present a new flow-type convex program describing equilibrium solutions to linear Arrow-Debreu markets. Whereas convex formulations were previously known ([Nenakov and Primak 1983; Jain 2007; Cornet 1989]), our program exhibits several new features. It provides a simple necessary and sufficient condition and a concise proof of the existence and rationality of equilibria, settling an open question raised by Vazirani [2012]. As a consequence, we also obtain a simple new proof of the result in Mertens [2003] that the equilibrium prices form a convex polyhedral set.

Item Type: Article
Official URL: http://teac.acm.org/
Additional Information: © 2016 ACM
Divisions: Mathematics
Subjects: H Social Sciences > HB Economic Theory
Q Science > QA Mathematics
Sets: Departments > Mathematics
Date Deposited: 09 Feb 2017 12:24
Last Modified: 20 Nov 2019 11:50
URI: http://eprints.lse.ac.uk/id/eprint/69224

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