The WALRAS Algorithm: A Convergent Distributed Implementation of General Equilibrium Outcomes
dc.contributor.author | Cheng, John Q. | en_US |
dc.contributor.author | Wellman, Michael P. | en_US |
dc.date.accessioned | 2006-09-11T14:39:24Z | |
dc.date.available | 2006-09-11T14:39:24Z | |
dc.date.issued | 1998-08 | en_US |
dc.identifier.citation | Cheng, John Q.; Wellman, Michael P.; (1998). "The WALRAS Algorithm: A Convergent Distributed Implementation of General Equilibrium Outcomes." Computational Economics 12(1): 1-24. <http://hdl.handle.net/2027.42/44346> | en_US |
dc.identifier.issn | 0927-7099 | en_US |
dc.identifier.issn | 1572-9974 | en_US |
dc.identifier.uri | https://hdl.handle.net/2027.42/44346 | |
dc.description.abstract | The WALRAS algorithm calculates competitive equilibria via a distributed tatonnement-like process, in which agents submit single-good demand functions to market-clearing auctions. The algorithm is asynchronous and decentralized with respect to both agents and markets, making it suitable for distributed implementation. We present a formal description of this algorithm, and prove that it converges under the standard assumption of gross substitutability. We relate our results to the literature on general equilibrium stability and some more recent work on decentralized algorithms. We present some experimental results as well, particularly for cases where the assumptions required to guarantee convergence do not hold. Finally, we consider some extensions and generalizations to the WALRAS algorithm. | en_US |
dc.format.extent | 199727 bytes | |
dc.format.extent | 3115 bytes | |
dc.format.mimetype | application/pdf | |
dc.format.mimetype | text/plain | |
dc.language.iso | en_US | |
dc.publisher | Kluwer Academic Publishers; Springer Science+Business Media | en_US |
dc.subject.other | Economics / Management Science | en_US |
dc.subject.other | Distributed Computation | en_US |
dc.subject.other | Economic Theory | en_US |
dc.subject.other | Operation Research/Decision Theory | en_US |
dc.subject.other | Tatonnement | en_US |
dc.subject.other | Progressive Equilibration. | en_US |
dc.title | The WALRAS Algorithm: A Convergent Distributed Implementation of General Equilibrium Outcomes | en_US |
dc.type | Article | en_US |
dc.subject.hlbsecondlevel | Statistics and Numeric Data | en_US |
dc.subject.hlbsecondlevel | Economics | en_US |
dc.subject.hlbtoplevel | Social Sciences | en_US |
dc.subject.hlbtoplevel | Science | en_US |
dc.subject.hlbtoplevel | Business | en_US |
dc.description.peerreviewed | Peer Reviewed | en_US |
dc.contributor.affiliationum | University of Michigan, Ann Arbor, MI, 48109, USA | en_US |
dc.contributor.affiliationum | University of Michigan, Ann Arbor, MI, 48109, USA | en_US |
dc.contributor.affiliationumcampus | Ann Arbor | en_US |
dc.description.bitstreamurl | http://deepblue.lib.umich.edu/bitstream/2027.42/44346/1/10614_2004_Article_137532.pdf | en_US |
dc.identifier.doi | http://dx.doi.org/10.1023/A:1008654125853 | en_US |
dc.identifier.source | Computational Economics | en_US |
dc.owningcollname | Interdisciplinary and Peer-Reviewed |
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