Tatonnement beyond gross substitutes? Gradient descent to the rescue

Yun Kuen Cheung, Richard Cole and Nikhil R. Devanur

Games and Economic Behavior, 2020, vol. 123, issue C, 295-326

Abstract: We identify a class of economies for which tatonnement is equivalent to gradient descent. This is the class of economies for which there is a convex potential function whose gradient is always equal to the negative of the excess demand. Among other consequences, we show that a discrete version of tatonnement converges to the equilibrium for the following economies of complementary goods.

Keywords: Market; Equilibria; Gradient descent; Tatonnement (search for similar items in EconPapers)
JEL-codes: D5 (search for similar items in EconPapers)
Date: 2020
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (5)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:gamebe:v:123:y:2020:i:c:p:295-326

DOI: 10.1016/j.geb.2019.03.014

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