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The Complexity of Resource Allocation and Price Mechanisms under Bounded Rationality

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  • Friedman, Eric J
  • Oren, Shmuel S

Abstract

We develop a framework for designing and evaluating the complexity of mechanisms that allocate resources in a distributed setting to agents or processors with bounded computational ability. We discuss several mechanisms and describe the construction of efficient price based mechanisms, which exploit the decentralized aspects of the problem. These price mechanisms are polynomial in the number of resources, precision of the solution, and the logarithm of the number of agents.

Suggested Citation

  • Friedman, Eric J & Oren, Shmuel S, 1995. "The Complexity of Resource Allocation and Price Mechanisms under Bounded Rationality," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 6(2), pages 225-250, July.
    • Handle: RePEc:spr:joecth:v:6:y:1995:i:2:p:225-50
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    Cited by:

    1. Van Zandt, Timothy, 2003. "Real-Time Hierarchical Resource Allocation with Quadratic Costs," CEPR Discussion Papers 4022, C.E.P.R. Discussion Papers.
    2. Stephen J. Decanio, 1999. "Estimating The Non‐Environmental Consequences Of Greenhouse Gas Reductions Is Harder Than You Think," Contemporary Economic Policy, Western Economic Association International, vol. 17(3), pages 279-295, July.
    3. John Rust, 1996. "Dealing with the Complexity of Economic Calculations," Computational Economics 9610002, University Library of Munich, Germany, revised 21 Oct 1997.
    4. E. Friedman & S. Shenker, 2010. "Synchronous and Asynchronous Learning by Responsive Learning Automata," Levine's Working Paper Archive 469, David K. Levine.

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