Exchange Markets: Strategy Meets Supply-Awareness - (Abstract)

The exchange market model, proposed by Leon Walras 1874, has been studied extensively since more than a century due to its immense practical relevance [8,14]. The two implicit assumptions in this model are that agents behave truthfully, and are unaware of the total supply of goods in the market. In this paper we study exchange markets, with each of these assumptions dropped separately, and establish a surprising connection between their solutions.

[1]  V. Vazirani.  Algorithmic Game Theory: Combinatorial Algorithms for Market Equilibria , 2007 .

[2]  Martin Shubik,et al.  A strategic market game with complete markets , 1990 .

[3]  I. Pearce,et al.  On the Uniqueness of Competitive Equilibrium: Part II, Bounded Demand , 1973 .

[4]  Roberto Serrano,et al.  The Theory of Implementation of Social Choice Rules , 2003, SIAM Review.

[5]  Ruta Mehta,et al.  Nash Equilibria in Fisher Market , 2010, SAGT.

[6]  Bryan Ellickson,et al.  Competitive Equilibrium: Theory and Applications , 1994 .

[7]  K. Arrow,et al.  EXISTENCE OF AN EQUILIBRIUM FOR A COMPETITIVE ECONOMY , 1954 .

[8]  H. Uzawa.  Walras' Tâtonnement in the Theory of Exchange , 1960 .

[9]  Bruno Codenotti,et al.  Market equilibrium via the excess demand function , 2005, STOC '05.

[10]  Kamal Jain,et al.  A polynomial time algorithm for computing an Arrow-Debreu market equilibrium for linear utilities , 2004, 45th Annual IEEE Symposium on Foundations of Computer Science.

[11]  M. Florig.  Equilibrium Correspondence of Linear Exchange Economies , 2004 .

[12]  L. Shapley,et al.  Trade Using One Commodity as a Means of Payment , 1977, Journal of Political Economy.

[13]  E. Dierker,et al.  The local uniqueness of equilibria , 1972 .

[14]  Robin Milner,et al.  On Observing Nondeterminism and Concurrency , 1980, ICALP.

[15]  Nisheeth K. Vishnoi,et al.  Towards Polynomial Simplex-Like Algorithms for Market Equlibria , 2013, SODA.

[16]  Ning Chen,et al.  Incentive Ratios of Fisher Markets , 2012, ICALP.

[17]  J. Geanakoplos,et al.  From Nash to Walras Via Shapley-Shubik , 2002 .

[18]  Haim Kaplan,et al.  Non-price equilibria in markets of discrete goods , 2011, EC '11.

[19]  D. Gale.  The linear exchange model , 1976 .

[20]  J. Goodman.  Note on Existence and Uniqueness of Equilibrium Points for Concave N-Person Games , 1965 .

[21]  R. Maxfield.  General equilibrium and the theory of directed graphs , 1997 .

[22]  Kasturi R. Varadarajan,et al.  Algorithmic Game Theory: Computation of Market Equilibria by Convex Programming , 2007 .

[23]  K. Munagala,et al.  Auctions, equilibria, and budgets , 2012 .

[24]  Nicole Immorlica,et al.  Dynamics of bid optimization in online advertisement auctions , 2007, WWW '07.

[25]  L. Hurwicz,et al.  COMPETITIVE STABILITY UNDER WEAK GROSS SUBSTITUTABILITY: THE EUCLIDEAN DISTANCE APPROACH , 1960 .

[26]  Ning Chen,et al.  How Profitable Are Strategic Behaviors in a Market? , 2011, ESA.

[27]  J. Shoven,et al.  Applying general equilibrium , 1993 .