Existence of Equilibrium for Integer Allocation Problems

Somdeb Lahiri

No 8, Computing in Economics and Finance 2006 from Society for Computational Economics

Abstract: In this paper we show that if all agents are equipped with well-behaved discrete concave production functions, then a feasible price allocation pair is a market equilibrium if and only if it solves a linear programming problem. Using this result we are able to obtain a necessary and sufficient condition for existence that requires an equilibrium price vector to satisfy finitely many inequalities. A necessary and sufficient condition for the existence of market equilibrium when the maximum value function is Weakly Monotonic at the initial endowment that follows from our results is that the maximum value function is partially concave at the initial endowment. We also provide a discussion of the results and an alternative solution concept. The alternative solution concept is however, informationally and computationally inefficient.

Keywords: existence; market equilibrium; discrete concave; linear programming (search for similar items in EconPapers)
Date: 2006-07-04
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://repec.org/sce2006/up.12781.1135589227.pdf (application/pdf)

Related works:
Journal Article: Existence of Equilibrium for Integer Allocation Problems (2006)
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:sce:scecfa:8

Access Statistics for this paper

More papers in Computing in Economics and Finance 2006 from Society for Computational Economics Contact information at EDIRC.
Bibliographic data for series maintained by Christopher F. Baum ().