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Author: Radoslav S Raykov Publisher: ISBN: Category : Capital market Languages : en Pages : 36
Book Description
"Many decentralized markets are able to attain a stable outcome despite the absence of acentral authority. A stable matching, however, need not be efficient if preferences are weak. This raises the question whether a decentralized market with weak preferences can attain Pareto efficiency in the absence of a central matchmaker. I show that when agent tastes are independent, the random stable match in a large-enough market is asymptotically Pareto efficient even with weak preferences. In fact, even moderate-sized markets can attain good efficiency levels. The average fraction of agents who can Pareto improve is below 10% in a market of size n = 79 when one side of the market has weak preferences; when both sides have weak preferences, the inefficiency falls below 10% for n> 158. This implies that approximate Pareto efficiency is attainable in a decentralized market even in the absence of a central matchmaker"--Abstract, p. ii.
Author: Radoslav S Raykov Publisher: ISBN: Category : Capital market Languages : en Pages : 36
Book Description
"Many decentralized markets are able to attain a stable outcome despite the absence of acentral authority. A stable matching, however, need not be efficient if preferences are weak. This raises the question whether a decentralized market with weak preferences can attain Pareto efficiency in the absence of a central matchmaker. I show that when agent tastes are independent, the random stable match in a large-enough market is asymptotically Pareto efficient even with weak preferences. In fact, even moderate-sized markets can attain good efficiency levels. The average fraction of agents who can Pareto improve is below 10% in a market of size n = 79 when one side of the market has weak preferences; when both sides have weak preferences, the inefficiency falls below 10% for n> 158. This implies that approximate Pareto efficiency is attainable in a decentralized market even in the absence of a central matchmaker"--Abstract, p. ii.
Author: Yasuhiro Shirata Publisher: ISBN: Category : Languages : en Pages : 0
Book Description
This paper examines stability and efficiency of the Walrasian equilibrium outcome in a decentralized two-sided networked market, where any pair of a buyer and a seller must be connected by a link to engage in trading. In this networked market, buyers and sellers first form a network and then they trade goods. We find that if side-payment contracts contingent on links are available and link cost is low, there exists a pairwise Nash stable network supporting the Walrasian equilibrium outcome. In the pairwise Nash stable network, sellers over-invest in links. Thanks to this inefficient over-investment, a level of price competition among buyers is sufficiently high so that the Walrasian price is stable.
Author: Alvin E. Roth Publisher: Cambridge University Press ISBN: 1107782430 Category : Business & Economics Languages : en Pages : 288
Book Description
Two-sided matching provides a model of search processes such as those between firms and workers in labor markets or between buyers and sellers in auctions. This book gives a comprehensive account of recent results concerning the game-theoretic analysis of two-sided matching. The focus of the book is on the stability of outcomes, on the incentives that different rules of organization give to agents, and on the constraints that these incentives impose on the ways such markets can be organized. The results for this wide range of related models and matching situations help clarify which conclusions depend on particular modeling assumptions and market conditions, and which are robust over a wide range of conditions. 'This book chronicles one of the outstanding success stories of the theory of games, a story in which the authors have played a major role: the theory and practice of matching markets ... The authors are to be warmly congratulated for this fine piece of work, which is quite unique in the game-theoretic literature.' From the Foreword by Robert Aumann
Author: Richard Schmalensee Publisher: North Holland ISBN: Category : Business & Economics Languages : en Pages : 1002
Book Description
Determinants of firm and market organization; Analysis of market behavior; Empirical methods and results; International issues and comparision; government intervention in the Marketplace.
Author: David Manlove Publisher: World Scientific ISBN: 9814425265 Category : Computers Languages : en Pages : 524
Book Description
Matching problems with preferences are all around us: they arise when agents seek to be allocated to one another on the basis of ranked preferences over potential outcomes. Efficient algorithms are needed for producing matchings that optimise the satisfaction of the agents according to their preference lists.In recent years there has been a sharp increase in the study of algorithmic aspects of matching problems with preferences, partly reflecting the growing number of applications of these problems worldwide. The importance of the research area was recognised in 2012 through the award of the Nobel Prize in Economic Sciences to Alvin Roth and Lloyd Shapley.This book describes the most important results in this area, providing a timely update to The Stable Marriage Problem: Structure and Algorithms (D Gusfield and R W Irving, MIT Press, 1989) in connection with stable matching problems, whilst also broadening the scope to include matching problems with preferences under a range of alternative optimality criteria.
Author: Lars Arge Publisher: Springer Science & Business Media ISBN: 354035753X Category : Computers Languages : en Pages : 447
Book Description
This book constitutes the refereed proceedings of the 10th Scandinavian Workshop on Algorithm Theory, SWAT 2006, held in Riga, Latvia, in July 2006. The proceedings includes 36 revised full papers presented together with 3 invited papers, addressing issues of theoretical algorithmics and applications in various fields including graph algorithms, computational geometry, scheduling, approximation algorithms, network algorithms, data storage and manipulation, combinatorics, sorting, searching, online algorithms, optimization, amd more.
Author: Robert A. Meyers Publisher: Springer ISBN: 9781461417996 Category : Computers Languages : en Pages : 0
Book Description
Complex systems are systems that comprise many interacting parts with the ability to generate a new quality of collective behavior through self-organization, e.g. the spontaneous formation of temporal, spatial or functional structures. These systems are often characterized by extreme sensitivity to initial conditions as well as emergent behavior that are not readily predictable or even completely deterministic. The recognition that the collective behavior of the whole system cannot be simply inferred from an understanding of the behavior of the individual components has led to the development of numerous sophisticated new computational and modeling tools with applications to a wide range of scientific, engineering, and societal phenomena. Computational Complexity: Theory, Techniques and Applications presents a detailed and integrated view of the theoretical basis, computational methods, and state-of-the-art approaches to investigating and modeling of inherently difficult problems whose solution requires extensive resources approaching the practical limits of present-day computer systems. This comprehensive and authoritative reference examines key components of computational complexity, including cellular automata, graph theory, data mining, granular computing, soft computing, wavelets, and more.
Author: Peter A. Hall Publisher: Oxford University Press ISBN: 0199247749 Category : Business & Economics Languages : en Pages : 557
Book Description
Applying the new economics of organisation and relational theories of the firm to the problem of understanding cross-national variation in the political economy, this volume elaborates a new understanding of the institutional differences that characterise the 'varieties of capitalism' worldwide.
Author: Tor Lattimore Publisher: Cambridge University Press ISBN: 1108486827 Category : Business & Economics Languages : en Pages : 537
Book Description
A comprehensive and rigorous introduction for graduate students and researchers, with applications in sequential decision-making problems.
Author: Radoslav S Raykov
Author: Radoslav S Raykov
Author: Yasuhiro Shirata
Author: Alvin E. Roth
Author: Richard Schmalensee
Author: David Manlove
Author: Lars Arge
Author: Robert A. Meyers
Author: Mr.Yan Carriere-Swallow
Author: Peter A. Hall
Author: Tor Lattimore