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A Study on Virtual Market for Pareto Optimal Mediation in Economic Society

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Developments on Experimental Economics

Part of the book series: Lecture Notes in Economics and Mathematical Systems ((LNE,volume 590))

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Abstract

Market-oriented programming is a new approach to design and implementation of resource allocation mechanisms in computer systems [1]. It has its roots in different disciplines, such as economics and computer science, in particular the area of multi-agent systems. There are our previous researches to apply market-oriented programming into resource allocation problems [2,3]. And the Pareto optimality in market-oriented programming was left into microeconomics, and never tried to be proved in these approaches using multi-agent programming. In this paper we construct a Walrasian type virtual market, that is a principal market model in microeconomics, and try to confirm the Pareto optimality in our market model by comparing the solutions with a conventional analytic approach, named fixed-point algorithm.

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References

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Author information

Authors and Affiliations

  1. Kobe University, Kobe

    Toshiya Kaihara & Susumu Fujii

Authors
  1. Toshiya Kaihara
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  2. Susumu Fujii
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Editor information

Editors and Affiliations

  1. Faculty of Economics, Kyoto Sangyo University, Motoyama, Kamigamo, Kita-ku, Kyoto, 603-8555, Japan

    Sobei Hidenori Oda

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Kaihara, T., Fujii, S. (2007). A Study on Virtual Market for Pareto Optimal Mediation in Economic Society. In: Oda, S.H. (eds) Developments on Experimental Economics. Lecture Notes in Economics and Mathematical Systems, vol 590. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-540-68660-6_21

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