A Fast and Simple Algorithm for Computing Market Equilibria

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Lisa Fleischer, Rahul Garg, Sanjiv Kapoor, Rohit Khandekar, Amin Saberi

Published: 2008, Last Modified: 15 May 2025WINE 2008EveryoneRevisionsBibTeXCC BY-SA 4.0
Abstract: We give a new mathematical formulation of market equilibria using an indirect utility function: the function of prices and income that gives the maximum utility achievable. The formulation is a convex program and can be solved when the indirect utility function is convex in prices. We illustrate that many economies including