Algorithms Column: The Computation of Market Equilibria

  title={Algorithms Column: The Computation of Market Equilibria},
  author={Bruno Codenotti and Sriram V. Pemmaraju and K. Varadarajan},
The market equilibrium problem has a long and distinguished history. In 1874, Walras published the famous “Elements of Pure Economics”, where he describes a model for the state of an economic system in terms of demand and supply, and expresses the supply equals demand equilibrium conditions [62]. In 1936, Wald gave the first proof of the existence of an equilibrium for the Walrasian system, albeit under severe restrictions [61]. In 1954, Nobel laureates Arrow and Debreu proved the existence of… CONTINUE READING
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