The Edgeworth Conjecture with Small Coalitions and Approximate Equilibria in Large Economies

DOI10.1287/MOOR.2022.1263MaRDI QIDQ6199243zbMATH OpenOpenAlexWikidataFDO

Authors Siddharth Barman, Federico Echenique

Publication date 23 February 2024

Published in Mathematics of Operations Research (Search for Journal in Brave)

Full work available at URL https://arxiv.org/abs/1905.05165, https://resolver.caltech.edu/CaltechAUTHORS:20220810-253911000

zbMATH Keywords

Walrasian equilibriumcore convergencepiecewise-linear concave utilitiesapproximate Carathéodory theorem

Mathematics Subject Classification ID

Auctions, bargaining, bidding and selling, and other market models (91B26) General equilibrium theory (91B50)

Abstract: We revisit the connection between bargaining and equilibrium in exchange economies, and study its algorithmic implications. We consider bargaining outcomes to be allocations that cannot be blocked (i.e., profitably re-traded) by coalitions of small size and show that these allocations must be approximate Walrasian equilibria. Our results imply that deciding whether an allocation is approximately Walrasian can be done in polynomial time, even in economies for which finding an equilibrium is known to be computationally hard.

Recommendations

• Bargaining, coalitions and competition
• Some equivalence results for a bargaining set in finite economies
• On the Edgeworth's conjecture in finitely additive economies with restricted coalitions
• Multilateral bargaining and Walrasian equilibrium
• On the complexity of price equilibria

This page was built for publication: The Edgeworth Conjecture with Small Coalitions and Approximate Equilibria in Large Economies

Report a bug (only for logged in users!)Click here to report a bug for this page (MaRDI item Q6199243)