Market communication in production economies

Authors:
Christopher A. Wilkens
Affiliations:
University of California at Berkeley, CA
Venue:
WINE'10 Proceedings of the 6th international conference on Internet and network economics
Year:
2010

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Abstract

We study the information content of equilibrium prices using the market communication model of Deng, Papadimitriou, and Safra [4]. We show that, in the worst case, communicating an exact equilibrium in a production economy requires a number of bits that is a quadratic polynomial in the number of goods, the number of agents, the number of firms, and the number of bits used to represent an endowment.