Abstract
The exchange market model, proposed by Leon Walras (1874), has been studied extensively since more than a century due to its immense practical relevance [8,14]. The two implicit assumptions in this model are that agents behave truthfully, and are unaware of the total supply of goods in the market. In this paper we study exchange markets, with each of these assumptions dropped separately, and establish a surprising connection between their solutions.
A full version of this paper is available at http://www.cse.iitb.ac.in/~sohoni/supplyaware.pdf
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
References
Adsul, B., Babu, C.S., Garg, J., Mehta, R., Sohoni, M.: Nash equilibria in fisher market. In: Kontogiannis, S., Koutsoupias, E., Spirakis, P.G. (eds.) SAGT 2010. LNCS, vol. 6386, pp. 30–41. Springer, Heidelberg (2010)
Amir, R., Sahi, S., Shubik, M., Yao, S.: A strategic market game with complete markets. Journal of Economic Theory 51, 126–143 (1990)
Bhattacharya, S.: Auctions, equilibria, and budgets. PhD Thesis (2012)
Borgs, C., Chayes, J., Etesami, O., Immorlica, N., Jain, K., Mahdian, M.: Dynamics of bid optimization in online advertisement auctions. In: WWW (2007)
Chen, N., Deng, X., Zhang, H., Zhang, J.: Incentive ratios of fisher markets. In: Czumaj, A., Mehlhorn, K., Pitts, A., Wattenhofer, R. (eds.) ICALP 2012, Part II. LNCS, vol. 7392, pp. 464–475. Springer, Heidelberg (2012)
Chen, N., Deng, X., Zhang, J.: How profitable are strategic behaviors in a market? In: European Symposium on Algorithms (2011)
Dubey, P., Geanakoplos, J.: From Nash to Walras via Shapley-Shubik. Journal of Mathematical Economics 39, 391–400 (2003)
Ellickson, B.: Competitive equilibrium: Theory and applications. Cambridge University Press (1994)
Florig, M.: Equilibrium correspondence of linear exchange economies. Journal of Optimization Theory and Applications 120(1), 97–109 (2004)
Mas-Colell, A.: On the uniqueness of equilibrium once again. In: Equilibrium Theory and Applications, pp. 275–296 (1991)
Pearce, I.F., Wise, J.: On the uniqueness of competitive equilibrium: Part ii, bounded demand. Econometrica 42(5), 921–932 (1974)
Rosen, J.B.: Existence and uniqueness of equilibrium points for concave n-person games. Econometrica 33(3), 520–534 (1965)
Shapley, L., Shubik, M.: Trade using one commodity as a means of payment. Journal of Political Economy 85(5), 937–968 (1977)
Shoven, J.B., Whalley, J.: Applying general equilibrium. Cambridge University Press (1992)
Varian, H.: Microeconomic Analysis. W. W. Norton & Company (1992)
Author information
Authors and Affiliations
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 2013 Springer-Verlag Berlin Heidelberg
About this paper
Cite this paper
Mehta, R., Sohoni, M. (2013). Exchange Markets: Strategy Meets Supply-Awareness. In: Chen, Y., Immorlica, N. (eds) Web and Internet Economics. WINE 2013. Lecture Notes in Computer Science, vol 8289. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-45046-4_29
Download citation
DOI: https://doi.org/10.1007/978-3-642-45046-4_29
Publisher Name: Springer, Berlin, Heidelberg
Print ISBN: 978-3-642-45045-7
Online ISBN: 978-3-642-45046-4
eBook Packages: Computer ScienceComputer Science (R0)