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by Fredrik Ygge, Fredrik Ygge, Fredrik Ygge, Hans Akkermans, Hans Akkermans, Hans Akkermans
Imperial College of Science, Technology and Medicine
http://www.sikt.hk-r.se/isl/publications/soc/Research+Report+12-97.pdf
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Abstract:
In search for general equilibrium in multi-commodity markets, price-oriented schemes are normally used. That is, a set of prices (one price for each commodity) is updated until supply meets demand for each commodity. It is well known that in a two-commodity market resource-oriented schemes are conceivable. In this paper we demonstrate the duality between price- and resource-oriented schemes in the general multi-commodity case. We also discuss important properties of the two approaches. In resource-oriented schemes the resource constraint, which says that supply must equal demand, is always fulfilled, implying that at any time the auctioneer can provide a feasible allocation. This is not the case in price-oriented schemes outside market equilibrium. In this paper we introduce a novel any-time algorithm, P ROPORTION, for the price-oriented scheme as well, that allows the auctioneer to deliver a suitable allocation at some deadline (possibly unknown in advance) also before market equilibrium is reached. We also show how the findings for the any-time algorithms can enable more efficient price-oriented markets. 1 1
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