Semi-Lagrangean approach for price discovery in markets with non-convexities

@article{Araoz2011SemiLagrangeanAF,
  title={Semi-Lagrangean approach for price discovery in markets with non-convexities},
  author={Veronica Araoz and Kurt J{\"o}rnsten},
  journal={European Journal of Operational Research},
  year={2011},
  volume={214},
  pages={411-417}
}
0377-2217/$ see front matter 2011 Elsevier B.V. A doi:10.1016/j.ejor.2011.05.009 ⇑ Corresponding author. Tel.: +47 55959802. E-mail addresses: Veronica.Araoz@nhh.no (V. A (K. Jörnsten). From standard economic theory, the market clearing price for a commodity is set where the demand and supply curves intersect. Convexity is a property that economic models require for a competitive equilibrium, which is efficient and well-behaved and provides equilibrium prices. However, some markets present non… CONTINUE READING
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