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Finding a Walrasian Equilibrium is Easy for a Fixed Number of Agents

Echenique, Federico and Wierman, Adam (2012) Finding a Walrasian Equilibrium is Easy for a Fixed Number of Agents. In: EC '12 Proceedings of the 13th ACM Conference on Electronic Commerce. ACM , New York, NY, p. 495. ISBN 978-1-4503-1415-2.

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In this work, we study the complexity of finding a Walrasian equilibrium. Our main result gives an algorithm which can compute an approximate Walrasian equilibrium in an exchange economy with general, but well-behaved, utility functions in time that is polynomial in the number of goods when the number of agents is held constant. This result has applications to macroeconomics and finance, where applications of Walrasian equilibrium theory tend to deal with many goods but a fixed number of agents.

Item Type:Book Section
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URLURL TypeDescription ItemWorking Paper
Echenique, Federico0000-0002-1567-6770
Additional Information:Copyright is held by the author/owner(s). This work is supported by the National Science Foundation, under grant CCF-1101470. We thank Chris Umans, Jeremy Hurwitz, Daniel Golovin, and Ilya Segal for their advice and comments on this work.
Funding AgencyGrant Number
Subject Keywords:Algorithms, Economics, Theory, Computational Complexity, Walrasian Equilibria, Fisher Equilibria
Classification Code:F.2.0 [ Analysis of Algorithms and Problem Complexity ]: General
Record Number:CaltechAUTHORS:20161010-171918212
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Official Citation:Federico Echenique and Adam Wierman. 2012. Finding a walrasian equilibrium is easy for a fixed number of agents. In Proceedings of the 13th ACM Conference on Electronic Commerce (EC '12). ACM, New York, NY, USA, 495-495. DOI=
Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:70982
Deposited By: Kristin Buxton
Deposited On:11 Oct 2016 20:53
Last Modified:11 Nov 2021 04:38

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