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Eisenberg-Gale markets: Algorithms and game-theoretic properties

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  • Jain, Kamal
  • Vazirani, Vijay V.

Abstract

We define a new class of markets, the Eisenberg-Gale markets. This class contains Fisher's linear market, markets from the resource allocation framework of Kelly [Kelly, F.P., 1997. Charging and rate control for elastic traffic. Europ. Transactions Telecommunications 8, 33-37], as well as numerous interesting new markets. We obtain combinatorial, strongly polynomial algorithms for several markets in this class. Our algorithms have a simple description as ascending price auctions. Our algorithms lead to insights into game-theoretic properties of these markets, such as efficiency, fairness, and competition monotonicity. They also help determine if these markets always have rational equilibria. A classification of Eisenberg-Gale markets w.r.t. these properties reveals a surprisingly rich set of possibilities.

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  • Jain, Kamal & Vazirani, Vijay V., 2010. "Eisenberg-Gale markets: Algorithms and game-theoretic properties," Games and Economic Behavior, Elsevier, vol. 70(1), pages 84-106, September.
    • Handle: RePEc:eee:gamebe:v:70:y:2010:i:1:p:84-106
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    References listed on IDEAS

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    Cited by:

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    6. Andrew Yang & Bruce Changlong Xu & Ivan Villa-Renteria, 2021. "Matching Markets," Papers 2109.14850, arXiv.org.
    7. Yuan Gao & Christian Kroer, 2020. "Infinite-Dimensional Fisher Markets and Tractable Fair Division," Papers 2010.03025, arXiv.org, revised Apr 2021.
    8. Gagan Goel & Vijay V. Vazirani, 2011. "A Perfect Price Discrimination Market Model with Production, and a Rational Convex Program for It," Mathematics of Operations Research, INFORMS, vol. 36(4), pages 762-782, November.
    9. Anna Bogomolnaia & Hervé Moulin & Fedor Sandomirskiy & Elena Yanovskaia, 2019. "Dividing bads under additive utilities," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 52(3), pages 395-417, March.
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    12. Anna Bogomolnaia & Herve Moulin & Fedor Sandomirskiy & Elena Yanovskaya, 2016. "Dividing Goods or Bads Under Additive Utilities," HSE Working papers WP BRP 147/EC/2016, National Research University Higher School of Economics.
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