Market Equilibrium via a Primal-Dual-Type Algorithm
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Auction Algorithms for Market Equilibrium
Mathematics of Operations Research
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In addition to useful Economic interpretation, auction based algorithms are generally found to be efficient. In this note, we observe that the auction-based mechanism can also be used to efficiently compute market equilibrium for a large class of utility functions satisfying gross substitutability, including a range of CES (constant elasticity of substitution) and Cobb-Douglas functions.