Constrained Trading Networks

• 成果类型: Article
• 署名作者: Kizilkale, Can; Vohra, Rakesh
• 署名单位: University of California System; University of California Berkeley; United States Department of Energy (DOE); Lawrence Berkeley National Laboratory; University of Pennsylvania; University of Pennsylvania
• 刊物名称: MATHEMATICS OF OPERATIONS RESEARCH
• ISSN/ISSBN: 0364-765X
• DOI: 10.1287/moor.2023.1362
• 发表日期: 2024
• 关键词: stability

摘要

Trades based on bilateral (indivisible) contracts can be represented by a network. Vertices correspond to agents, whereas arcs represent the nonprice elements of a bilateral contract. Given prices for each arc, agents choose the incident arcs that maximize their utility. We enlarge the model to allow for polymatroidal constraints on the set of contracts that may be traded, which can be interpreted as modeling limited one-for-one substitution. We show that, for two-sided markets, there exists a competitive equilibrium; however, for multisided markets, this may not be possible.