Eisenberg-Gale markets: Algorithms and game-theoretic properties

Kamal Jain and Vijay V. Vazirani

Games and Economic Behavior, 2010, vol. 70, issue 1, 84-106

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.

Keywords: General; equilibrium; theory; Fisher; market; model; Combinatorial; algorithm; Primal-dual; algorithm; Convex; program; Resource; allocation; Ascending; price; auctions; Weak; gross; substitutability; Competition; monotonicity; Fairness (search for similar items in EconPapers)
Date: 2010
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Citations: View citations in EconPapers (19)

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