An impossibility theorem for price-adjustment mechanisms

DOI10.1073/PNAS.0914728107MaRDI QIDQ3073963zbMATH OpenOpenAlexWikidataFDO

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

zbMATH Keywords

complexityfixed pointprice equilibriumArrow-Debreu theorem

Mathematics Subject Classification ID

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

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Cites work

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

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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