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Finding a Walrasian equilibrium is easy for a fixed number of agents

Echenique, Federico and Wierman, Adam (2011) Finding a Walrasian equilibrium is easy for a fixed number of agents. Social Science Working Paper, 1354. California Institute of Technology , Pasadena, CA. (Unpublished) http://resolver.caltech.edu/CaltechAUTHORS:20170727-110237088

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Abstract

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:Report or Paper (Working Paper)
Additional Information:We thanks Chris Umans for his advice on our paper.
Group:Social Science Working Papers
Subject Keywords:General Equilibrium Theory; Negishi approach; Computing equilibrium
Classification Code:JEL: D50, C63
Record Number:CaltechAUTHORS:20170727-110237088
Persistent URL:http://resolver.caltech.edu/CaltechAUTHORS:20170727-110237088
Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:79490
Collection:CaltechAUTHORS
Deposited By: Hanna Storlie
Deposited On:02 Aug 2017 21:38
Last Modified:02 Aug 2017 21:38

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