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Can markets compute equilibria? /
Recent turmoil in financial and commodities markets has renewed questions regarding how well markets discover equilibrium prices, particularly when those markets are highly complex. A relatively new critique questions whether markets can realistically find equilibrium prices if computers cannot. For...
| Clasificación: | Libro Electrónico |
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| Autor principal: | |
| Autor Corporativo: | |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
[Washington, D.C.] :
International Monetary Fund,
2009.
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| Colección: | IMF working paper ;
WP/09/24. |
| Temas: | |
| Acceso en línea: | Texto completo |
| Sumario: | Recent turmoil in financial and commodities markets has renewed questions regarding how well markets discover equilibrium prices, particularly when those markets are highly complex. A relatively new critique questions whether markets can realistically find equilibrium prices if computers cannot. For instance, in a simple exchange economy with Leontief preferences, the time required to compute equilibrium prices using the fastest known techniques is an exponential function of the number of goods. Furthermore, no efficient technique for this problem exists if a famous mathematical conjecture is. |
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| Descripción Física: | 1 online resource (20 pages) : illustrations |
| Bibliografía: | Includes bibliographical references. |
| ISBN: | 9781451916072 1451916078 9781451871715 1451871716 1462335608 9781462335602 1452797501 9781452797502 9786612842467 6612842466 1282842463 9781282842465 |
| ISSN: | 2227-8885 ; |