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| Author: | Axtell, R. |
| Title: | The complexity of exchange |
| Journal: | Economic Journal
2005 : JUN, VOL. 115:504, p.193-210 |
| Index terms: | Complexity Exchange equilibrium |
| Language: | eng |
| Abstract: | This article compares the computational complexity of two kinds of market mechanisms. The first kind is called the Walrasian interpretation in which prices are centrally computed by an auctioneer. Second, a decentralized picture of market processes is described, involving concurrent exchange within transient coalition of agents. According to the writer, the processes feature price dispersion, yield allocations that are not in the core, modify the distribution of wealth, are always stable, but path-dependent. |
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