Linear Equation Systems Under Uncertainty: Applications to Multiproduct Market Equilibrium

Vicente Liern, Sandra E. Parada-Rico () and Luis A. Conde-Solano
Additional contact information
Vicente Liern: Department of Mathematics for Economics and Business, University of Valencia, Avda. dels Tarongers, s/n, 46022 Valencia, Spain
Sandra E. Parada-Rico: School of Mathematics, Industrial University of Santander, Carrera 27 Calle 9, Edificio Camilo Torres, Bucaramanga 680002, Colombia
Luis A. Conde-Solano: Department of Didactics of Experimental, Social, and Mathematical Sciences, Faculty of Education, Complutense University, Calle Rector Royo-Villanova, 1, 28040 Madrid, Spain

Mathematics, 2025, vol. 13, issue 16, 1-24

Abstract: Market equilibrium models are essential tools within classical economic theory for analyzing the interaction between supply and demand. However, traditional formulations are often based on deterministic relationships and assume the existence of perfect information, an assumption that diverges from real-world conditions, which are characterized by ambiguity and uncertainty. This article addresses the modeling of multiproduct supply and demand equilibrium under uncertainty, using systems of linear equations with fuzzy coefficients and/or variables. By applying fuzzy set theory, the model incorporates the inherent vagueness of supply and demand functions, enabling a more flexible and realistic representation of market behavior. The proposed methodology involves reformulating the equilibrium conditions through fuzzy arithmetic and examining the existence and nature of fuzzy solutions. The theoretical proposals are illustrated through a simplified real-world case involving a Colombian multinational company, demonstrating their applicability and effectiveness.

Keywords: fuzzy linear equation systems; fuzzy sets; economic equilibrium (search for similar items in EconPapers)
JEL-codes: C (search for similar items in EconPapers)
Date: 2025
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.mdpi.com/2227-7390/13/16/2566/pdf (application/pdf)
https://www.mdpi.com/2227-7390/13/16/2566/ (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:gam:jmathe:v:13:y:2025:i:16:p:2566-:d:1721745

Access Statistics for this article

Mathematics is currently edited by Ms. Emma He

More articles in Mathematics from MDPI
Bibliographic data for series maintained by MDPI Indexing Manager ().