On the dimensionality of bounds generated by the Shapley–Folkman theorem
AbstractThe Shapley–Folkman theorem places a scalar upper bound on the distance between a sum of non-convex sets and its convex hull. We observe that some information is lost when a vector is converted to a scalar to generate this bound and propose a simple normalization of the underlying space which mitigates this loss of information. As an example, we apply this result to the Anderson (1978) core convergence theorem, and demonstrate how our normalization leads to an intuitive, unitless upper bound on the discrepancy between an arbitrary core allocation and the corresponding competitive equilibrium allocation.
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Bibliographic InfoArticle provided by Elsevier in its journal Journal of Mathematical Economics.
Volume (Year): 48 (2012)
Issue (Month): 1 ()
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Web page: http://www.elsevier.com/locate/jmateco
Shapley–Folkman theorem; General equilibrium theory;
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- Anderson, Robert M, 1982. "A Market Value Approach to Approximate Equilibria," Econometrica, Econometric Society, vol. 50(1), pages 127-36, January.
- Starr, Ross M, 1969. "Quasi-Equilibria in Markets with Non-Convex Preferences," Econometrica, Econometric Society, vol. 37(1), pages 25-38, January.
- Anderson, Robert M, 1978. "An Elementary Core Equivalence Theorem," Econometrica, Econometric Society, vol. 46(6), pages 1483-87, November.
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