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The WALRAS Algorithm: A Convergent Distributed Implementation of General Equilibrium Outcomes

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Author Info
John Q. Cheng (University of Michigan)
Michael P. Wellman (University of Michigan)

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Abstract

The WALRAS algorithm calculates competitive equilibria via a distributed tatonnement-like process, in which agents submit single-good demand functions to market-clearing auctions. The algorithm is asynchronous and decentralized with respect to both agents and markets, making it suitable for distributed implementation. We present a formal description of this algorithm, and prove that it converges under the standard assumption of gross substitutability. We relate our results to the literature on general equilibrium stability and some more recent work on decentralized algorithms. We present some experimental results as well, particularly for cases where the assumptions required to guarantee convergence do not hold. Finally, we consider some extensions and generalizations to the WALRAS algorithm.

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Publisher Info
Paper provided by EconWPA in its series Computational Economics with number 9508001.

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Length: 23 pages
Date of creation: 03 Aug 1995
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Handle: RePEc:wpa:wuwpco:9508001

Note: Type of Document - postscript; pages: 23 ; figures: included. Submitted for publication
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Web page: http://129.3.20.41

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Related research
Keywords: tatonnement; distributed computation; progressive equilibration;

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Find related papers by JEL classification:
C8 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Milgrom, Paul & Roberts, John, 1991. "Adaptive and sophisticated learning in normal form games," Games and Economic Behavior, Elsevier, vol. 3(1), pages 82-100, February. [Downloadable!] (restricted)
  2. Chipman, John S., 1974. "Homothetic preferences and aggregation," Journal of Economic Theory, Elsevier, vol. 8(1), pages 26-38, May. [Downloadable!] (restricted)
  3. Hildenbrand, Werner, 1983. "On the "Law of Demand."," Econometrica, Econometric Society, vol. 51(4), pages 997-1019, July. [Downloadable!] (restricted)
  4. Kirman, Alan P, 1992. "Whom or What Does the Representative Individual Represent?," Journal of Economic Perspectives, American Economic Association, vol. 6(2), pages 117-36, Spring. [Downloadable!] (restricted)
  5. Muellbauer, John, 1976. "Community Preferences and the Representative Consumer," Econometrica, Econometric Society, vol. 44(5), pages 979-99, September. [Downloadable!] (restricted)
  6. Reiter, S. & Simon, C., 1990. "Decentralized Dynamic Processes for Finding Equilibrium," Papers 90-20, Michigan - Center for Research on Economic & Social Theory.
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Nielsen, Kurt, 2005. "Auctioning Payment Entitlements," 2005 International Congress, August 23-27, 2005, Copenhagen, Denmark 24566, European Association of Agricultural Economists. [Downloadable!]
  2. William E. Walsh & Michael P. Wellman, 1999. "Efficiency and Equilibrium in Task Allocation Economics with Hierarchical Dependencies," Working Papers 99-07-049, Santa Fe Institute.
  3. Bill Gibson, 2007. "A Multi-Agent Systems Approach to Microeconomic Foundations of Macro," Working Papers 2007-10, University of Massachusetts Amherst, Department of Economics. [Downloadable!]
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