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Bartering integer commodities with exogenous prices

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  • Stefano Nasini
  • Jordi Castro
  • Pau Fonseca i Casas

Abstract

The analysis of markets with indivisible goods and fixed exogenous prices has played an important role in economic models, especially in relation to wage rigidity and unemployment. This research report provides a mathematical and computational details associated to the mathematical programming based approaches proposed by Nasini et al. (accepted 2014) to study pure exchange economies where discrete amounts of commodities are exchanged at fixed prices. Barter processes, consisting in sequences of elementary reallocations of couple of commodities among couples of agents, are formalized as local searches converging to equilibrium allocations. A direct application of the analyzed processes in the context of computational economics is provided, along with a Java implementation of the approaches described in this research report.

Suggested Citation

  • Stefano Nasini & Jordi Castro & Pau Fonseca i Casas, 2014. "Bartering integer commodities with exogenous prices," Papers 1401.3145, arXiv.org, revised Aug 2015.
    • Handle: RePEc:arx:papers:1401.3145
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    1. Robert Axtell, 2005. "The Complexity of Exchange," Economic Journal, Royal Economic Society, vol. 115(504), pages 193-210, June.
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