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The WALRAS Algorithm: A Convergent Distributed Implementation of General Equilibrium Outcomes

Paper:ewp-comp/9508001
From:    
Date: Thu, 3 Aug 95 15:50:02 CDT

Title: The WALRAS Algorithm: A Convergent Distributed Implementation of General Equilibrium Outcomes
Author: John Q. Cheng (University of Michigan) and Michael P. Wellman (University of Michigan)
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Comments: Type of Document - postscript; pages: 23 ; figures: included. Submitted for publication
Keywords: tatonnement, distributed computation, progressive equilibration
EWPA-references:
Report-no: DMG-95-1

Abstract:

The WALRAS algorithm calculates competitive equilibria via a distributed tatonnement-like process, in which agents submit single-good demand functions to market-clearing auctions. The algorithm is asynchronous and decentralized with respect to both agents and markets, making it suitable for distributed implementation. We present a formal description of this algorithm, and prove that it converges under the standard assumption of gross substitutability. We relate our results to the literature on general equilibrium stability and some more recent work on decentralized algorithms. We present some experimental results as well, particularly for cases where the assumptions required to guarantee convergence do not hold. Finally, we consider some extensions and generalizations to the WALRAS algorithm.

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