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Oscillations in a decentralized economic network

Tonita, R and Lestas, I (2011) Oscillations in a decentralized economic network. IFAC Proceedings Volumes (IFAC-PapersOnline), 18. pp. 840-845. ISSN 1474-6670

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Abstract

The study of exchange markets dates back to LeonWalras's general equilibrium theory. Since then the economic market has been studied for its' equilibrium properties, fairness of allocations of private and public goods, and even the psychological incentives of participants. This paper studies the dynamics of an exchange economy built on a network of markets where consumers trade with suppliers to optimize utility. Viewing the market in as a decentralized network we study the system from the usual control theory point of view, evaluating the system's dynamic performance, stability and robustness. It is shown that certain consumer demand dynamics can lead to oscillations while others can converge to optimal allocations. © 2011 IFAC.

Item Type: Article
Subjects: UNSPECIFIED
Divisions: Div B > Electronics, Power & Energy Conversion
Depositing User: Cron Job
Date Deposited: 07 Mar 2014 12:22
Last Modified: 08 Dec 2014 02:32
DOI: 10.3182/20110828-6-IT-1002.01714