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A Study on Virtual Market for Pareto Optimal Mediation in Economic Society

In: Developments on Experimental Economics

Author

Listed:
  • Toshiya Kaihara

    (Kobe University)

  • Susumu Fujii

    (Kobe University)

Abstract

Market-oriented programming is a new approach to design and implementation of resource allocation mechanisms in computer systems [1]. It has its roots in different disciplines, such as economics and computer science, in particular the area of multi-agent systems. There are our previous researches to apply market-oriented programming into resource allocation problems [2,3]. And the Pareto optimality in market-oriented programming was left into microeconomics, and never tried to be proved in these approaches using multi-agent programming. In this paper we construct a Walrasian type virtual market, that is a principal market model in microeconomics, and try to confirm the Pareto optimality in our market model by comparing the solutions with a conventional analytic approach, named fixed-point algorithm.

Suggested Citation

  • Toshiya Kaihara & Susumu Fujii, 2007. "A Study on Virtual Market for Pareto Optimal Mediation in Economic Society," Lecture Notes in Economics and Mathematical Systems, in: Sobei Hidenori Oda (ed.), Developments on Experimental Economics, pages 207-212, Springer.
    • Handle: RePEc:spr:lnechp:978-3-540-68660-6_21
    DOI: 10.1007/978-3-540-68660-6_21
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