An impossibility theorem for price-adjustment mechanisms

DOI10.1073/PNAS.0914728107zbMATH Open1205.91067OpenAlexW2038033997WikidataQ33719628 ScholiaQ33719628MaRDI QIDQ3073963FDOQ3073963

Authors: Mihalis Yannakakis, Christos Papadimitriou 

Publication date: 12 February 2011

Published in: Proceedings of the National Academy of Sciences (Search for Journal in Brave)

Full work available at URL: https://doi.org/10.1073/pnas.0914728107

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zbMATH Keywords

complexityfixed pointprice equilibriumArrow-Debreu theorem

Mathematics Subject Classification ID

Microeconomic theory (price theory and economic markets) (91B24)

Cites Work

• Existence of an Equilibrium for a Competitive Economy
• Some Examples of Global Instability of the Competitive Equilibrium
• Market Excess Demand Functions
• Edge-isoperimetric inequalities in the grid
• Universally converging adjustment processes -- a unifying approach.
• A convergent process of price adjustment and global Newton methods
• Excess demand functions
• Exponential lower bounds for finding Brouwer fixed points
• Effective Price Mechanisms
• A Globally Stable Price Adjustment Process
• A globally and universally stable price adjustment process
• A convergent price adjustment process

Cited In (9)

• Multivariate tensor-based morphometry with a right-invariant Riemannian distance on \(\mathrm{GL}^+(n)\)
• The discrete separation theorem and price adjustment directions in markets with heterogeneous commodities
• Distributed price adjustment based on convex analysis
• A continuity property for local price adjustment mechanisms
• Amortized Analysis of Asynchronous Price Dynamics
• Threshold Adjustment of Deviations from the Law of One Price
• The invisible hand of Laplace: the role of market structure in price convergence and oscillation
• Stochastic stability in the Scarf economy
• An impossibility theorem on capital allocation

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