A rational convex program for linear Arrow-Debreu markets

Devanur, Nikhil R., Garg, Jugal and Végh, László A. ORCID: 0000-0003-1152-200X (2016) A rational convex program for linear Arrow-Debreu markets. ACM Transactions on Economics and Computation, 5 (1). p. 6. ISSN 2167-8375

Preview

PDF - Accepted Version Download (406kB) | Preview

• Author

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
Date Deposited:	09 Feb 2017 12:24
Last Modified:	05 Apr 2024 22:42
URI:	http://eprints.lse.ac.uk/id/eprint/69224

Actions (login required)

View Item