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The Complexity of Resource Allocation and Price Mechanisms under Bounded Rationality

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  • Friedman, Eric J
  • Oren, Shmuel S
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    Abstract

    We develop a framework for designing and evaluating the complexity of mechanisms that allocate resources in a distributed setting to agents or processors with bounded computational ability. We discuss several mechanisms and describe the construction of efficient price based mechanisms, which exploit the decentralized aspects of the problem. These price mechanisms are polynomial in the number of resources, precision of the solution, and the logarithm of the number of agents.

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    Bibliographic Info

    Article provided by Springer in its journal Economic Theory.

    Volume (Year): 6 (1995)
    Issue (Month): 2 (July)
    Pages: 225-50

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    Handle: RePEc:spr:joecth:v:6:y:1995:i:2:p:225-50

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    Web page: http://link.springer.de/link/service/journals/00199/index.htm

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    Cited by:
    1. Van Zandt, Timothy, 2003. "Real-Time Hierarchical Resource Allocation with Quadratic Costs," CEPR Discussion Papers 4022, C.E.P.R. Discussion Papers.
    2. John Rust, 1996. "Dealing with the Complexity of Economic Calculations," Computational Economics 9610002, EconWPA, revised 21 Oct 1997.

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