Resource-Oriented Multicommodity Market Algorithms

In search for market equilibrium in multicommodity markets, price-oriented schemes are normally used. That is, a set of prices (one price for each commodity) is updated until supply meets demand for each commodity. In some cases such an approach is rather inefficient, and a resource-oriented scheme can be highly competitive. In a resource-oriented scheme the allocations are updated until the market equilibrium is found. It is well known that in a two-commodity market resource-oriented schemes are possible. In this article we show that resource-oriented algorithms can be used for the general multicommodity case as well, and present and analyze an algorithm. The algorithm has been implemented and some performance properties, for a specific example, are presented.

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