Can markets compute equilibria? /

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Bibliographic Details
Author / Creator:Monroe, Hunter K., author.
Imprint:[Washington, D.C.] : International Monetary Fund, 2009.
Description:1 online resource (20 pages) : illustrations.
Language:English
Series:IMF working paper, 2227-8885 ; WP/09/24
IMF working paper ; WP/09/24.
Subject:Computational complexity.
Electronic data processing.
Computational complexity.
Electronic data processing.
Electronic book.
Electronic books.
Format: E-Resource Book
URL for this record:http://pi.lib.uchicago.edu/1001/cat/bib/12498381
Hidden Bibliographic Details
Other authors / contributors:International Monetary Fund.
ISBN:9781451916072
1451916078
9781451871715
1451871716
1462335608
9781462335602
1452797501
9781452797502
9786612842467
6612842466
1282842463
9781282842465
ISSN:2227-8885
Digital file characteristics:data file
Notes:Includes bibliographical references.
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Electronic reproduction. [Place of publication not identified] : HathiTrust Digital Library, 2011.
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212
English.
digitized 2011 HathiTrust Digital Library committed to preserve
Print version record.
Summary: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.
Other form:Print version: Monroe, Hunter. Can markets compute equilibria?. [Washington, D.C.] : International Monetary Fund, 2009
Standard no.:10.5089/9781451916072.001