DIRECT EXCHANGE IN LINEAR ECONOMIES

Sjur Didrik Flåm () and Kjetil Gramstad ()
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Sjur Didrik Flåm: Economics Department, University of Bergen, Norway
Kjetil Gramstad: Economics Department, University of Bergen, Norway

International Game Theory Review (IGTR), 2012, vol. 14, issue 04, 1-18

Abstract: Considered here is direct exchange of production allowances or input factors. Motivated by practical modeling and compution, we suppose every owner or user of such items has a linear technology. The issue is whether competitive market equilibrium can be reached merely via iterated bilateral barters. This paper provides positive and constructive answers.

Keywords: Resource markets; transferable utility; competitive equilibrium; core imputations; linear programming; bilateral barters; convergence; C63; C71; D03; D21; 90; 91 (search for similar items in EconPapers)
JEL-codes: B4 C0 C6 C7 D5 D7 M2 (search for similar items in EconPapers)
Date: 2012
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Citations: View citations in EconPapers (4)

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DOI: 10.1142/S0219198912400063

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