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Computing an Asymmetric Competitive Market Equilibrium

Author

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  • Huang, Wen-Yuan
  • Eswaramoorthy, K.
  • Johnson, Stanley R.

Abstract

Demand and supply are often asymmetric, that is, cross-price effects are not equal over all commodities Because of asymmetry, conventional surplus maximization formulations cannot be employed to compute a competitive market equilibrium Thid article compares alternative formulations under a system of equation, optimization, and iterative procedures for computation A general strategy for selecting an appropriate procedure is presented The iterative procedure is recommended for structural or complex nonlinear demand systems or for extremely large (size) problems The optimization procedure is suggested for large and medium (size) problems because of the availability of a computer solution package The system of equation formulation is suggested for modeling various types of economic behavior because of Its flexlblilty

Suggested Citation

  • Huang, Wen-Yuan & Eswaramoorthy, K. & Johnson, Stanley R., 1987. "Computing an Asymmetric Competitive Market Equilibrium," Journal of Agricultural Economics Research, United States Department of Agriculture, Economic Research Service, issue 3.
  • Handle: RePEc:ags:uersja:136854
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    File URL: http://purl.umn.edu/136854
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    References listed on IDEAS

    as
    1. C. E. Lemke, 1965. "Bimatrix Equilibrium Points and Mathematical Programming," Management Science, INFORMS, vol. 11(7), pages 681-689, May.
    2. Littlechild, S. C. & Rousseau, J. J., 1975. "Pricing policy of a U.S. telephone company," Journal of Public Economics, Elsevier, vol. 4(1), pages 35-56, February.
    3. Chipman, John S & Moore, James C, 1980. "Compensating Variation, Consumer's Surplus, and Welfare," American Economic Review, American Economic Association, vol. 70(5), pages 933-949, December.
    4. Bhide, Shashanka, 1980. "A separable programming model incorporating linear demand functions for grains and vegetable oils: an analysis of United States agriculture in 1985," ISU General Staff Papers 198001010800008364, Iowa State University, Department of Economics.
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