THE ALLOCATION OF SURPLUS BY MARKETS: A FRAMEWORK FOR ANALYSIS

Nicolás Garrido

International Journal of Modern Physics C (IJMPC), 2008, vol. 19, issue 08, 1183-1210

Abstract: The aim of this paper is to present algorithmic specifications of institutions as an alternative to the pervasive gradient institutions used in mainstream economics. A framework to evaluate the performance of the institutions is proposed using instruments from landscape theory. The problem of how a simple market allocates surplus is studied as an example of application of the framework.

Keywords: Institutional design; algorithms; simulation; dynamical system; landscape theory (search for similar items in EconPapers)
Date: 2008
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DOI: 10.1142/S012918310801287X

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