A fixed point approach for the computation of market equilibria

Authors:
Li-Sha Huang
Affiliations:
State Key Laboratory of Intelligent Technology and Systems, Dept. of Computer Science and Technology, Tsinghua Univ., Beijing, China
Venue:
WINE'05 Proceedings of the First international conference on Internet and Network Economics
Year:
2005

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Abstract

In proposing an open problem, Codenotti et al.[3, 5] conjectured that the welfare adjustment scheme can approximate the general market equilibrium by iteratively using an oracle for the Fisher’s model. In this work, we analyze the scheme for a large class of market models. We show that the iterative step is in fact a Lipschitz continuous function and the residue approximation of its fixed point is a good approximation of the market equilibrium price.