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Existence of Equilibrium in Discrete Market Games

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Author Info
Somdeb Lahiri (Institute for Financial Management & Research)

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Abstract

In this paper we show that a feasible price allocation pair is a market equilibrium of a discrete market game if and only if it solves a linear programming problem. We use this result to obtain computable necessary and sufficient conditions for the existence of market equilibrium. We assume that the production functions of the profit maximizing agents are discrete concave.

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File URL: http://129.3.20.41/eps/game/papers/0512/0512005.pdf
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Publisher Info
Paper provided by EconWPA in its series Game Theory and Information with number 0512005.

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Date of creation: 20 Dec 2005
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Handle: RePEc:wpa:wuwpga:0512005

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Web page: http://129.3.20.41

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Related research
Keywords: discrete concave; existence; market equilibrium; linear programming;

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Find related papers by JEL classification:
C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
D8 - Microeconomics - - Information, Knowledge, and Uncertainty

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References listed on IDEAS
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  1. Shapley, Lloyd S. & Shubik, Martin, 1969. "On market games," Journal of Economic Theory, Elsevier, vol. 1(1), pages 9-25, June. [Downloadable!] (restricted)
  2. Somdeb Lahiri, 2005. "Manipulation via Endowments in a Market with Profit Maximizing Agents," Game Theory and Information 0511008, EconWPA. [Downloadable!]
  3. Zaifu YANG & Ning SUN, 2004. "The Max-Convolution Approach to Equilibrium Models with Indivisibilities," Econometric Society 2004 Far Eastern Meetings 564, Econometric Society.
  4. Zaifu Yang, 2001. "A Practical Competitive Market Model for Indivisible Commo," Cowles Foundation Discussion Papers 1317, Cowles Foundation, Yale University. [Downloadable!]
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