SUPPLY AND DEMAND EQUILIBRATION ALGORITHMS FOR A CLASS OF MARKET EQUILIBRIUM PROBLEMS

This paper describes a family of progressive equilibration algorithms which can be used to solve a variety of market equilibrium problems such as the general spatial price equilibrium problem, the single price spatial price equilibrium problem, etc. These relaxation-type algorithms attempt to equilibrate the whole system by equilibrating successively each supply market (producer), or each demand market (consumer). A noteworthy feature of these algorithms is that, due to the special structure of the problem, the restricted equilibrium for each supply market (or demand market) can be obtained explicitly in closed form. Also, these algorithms are intuitive and straightforward to implement. Computational results demonstrate that the algorithms are efficient and suitable for large-scale problems.

• Availability:
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• Authors:
  • Dafermos, S
  • Nagurney, A
• Publication Date: 1989-5

Media Info

• Features: References; Tables;
• Pagination: p. 118-124
• Serial:
  • Transportation Science
  • Volume: 23
  • Issue Number: 2
  • Publisher: Institute for Operations Research and the Management Sciences (INFORMS)
  • ISSN: 0041-1655
  • Serial URL: http://transci.journal.informs.org/

Subject/Index Terms

• TRT Terms: Algorithms; Demand; Economics; Equilibrium (Economics); Freight service; Markets; Mathematical models; Prices; Supply; Transportation
• Uncontrolled Terms: Spatial price equilibrium; Supply and demand
• Subject Areas: Economics; Society; Transportation (General); I10: Economics and Administration;

Filing Info

• Accession Number: 00485539
• Record Type: Publication
• Files: TRIS, ATRI
• Created Date: Jul 31 1989 12:00AM