Graphical Economies with Resale

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Tác giả: Gabriel P Andrade, Rafael Frongillo, Elliot Gorokhovsky, Sharadha Srinivasan

Ngôn ngữ: eng

Ký hiệu phân loại: 306.34 Systems of production and exchange

Thông tin xuất bản: 2021

Mô tả vật lý:

Bộ sưu tập: Metadata

ID: 167281

Comment: Accepted for publication in proceedings of the 22nd ACM Conference on Economics and Computation (EC '21). 33 pagesKakade, Kearns, and Ortiz (KKO) introduce a graph-theoretic generalization of the classic Arrow--Debreu (AD) exchange economy. Despite its appeal as a networked version of AD, we argue that the KKO model is too local, in the sense that goods cannot travel more than one hop through the network. We introduce an alternative model in which agents may purchase goods on credit in order to resell them. In contrast to KKO, our model allows for long-range trade, and yields equilibria in more settings than KKO, including sparse endowments. Our model smoothly interpolates between the KKO and AD equilibrium concepts: we recover KKO when the resale capacity is zero, and recover AD when it is sufficiently large. We give general equilibrium existence results, and an auction-based algorithm to compute approximate equilibria when agent utilities satisfy the weak gross-substitutes property.
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