IDEAS home Printed from https://ideas.repec.org/a/spr/joecth/v6y1995i2p225-50.html
   My bibliography  Save this article

The Complexity of Resource Allocation and Price Mechanisms under Bounded Rationality

Author

Listed:
  • Friedman, Eric J
  • Oren, Shmuel S

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.

Suggested Citation

  • Friedman, Eric J & Oren, Shmuel S, 1995. "The Complexity of Resource Allocation and Price Mechanisms under Bounded Rationality," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 6(2), pages 225-250, July.
  • Handle: RePEc:spr:joecth:v:6:y:1995:i:2:p:225-50
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Stephen J. Decanio, 1999. "Estimating The Non-Environmental Consequences Of Greenhouse Gas Reductions Is Harder Than You Think," Contemporary Economic Policy, Western Economic Association International, vol. 17(3), pages 279-295, July.
    2. John Rust, 1996. "Dealing with the Complexity of Economic Calculations," Computational Economics 9610002, EconWPA, revised 21 Oct 1997.
    3. Van Zandt, Timothy, 2003. "Real-Time Hierarchical Resource Allocation with Quadratic Costs," CEPR Discussion Papers 4022, C.E.P.R. Discussion Papers.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spr:joecth:v:6:y:1995:i:2:p:225-50. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Sonal Shukla) or (Rebekah McClure). General contact details of provider: http://www.springer.com .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.