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Resource-Oriented Multicommodity Market Algorithms

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Abstract

In search for market equilibrium in multicommodity markets, price-oriented schemes are normally used. That is, a set of prices (one price for each commodity) is updated until supply meets demand for each commodity. In some cases such an approach is rather inefficient, and a resource-oriented scheme can be highly competitive. In a resource-oriented scheme the allocations are updated until the market equilibrium is found. It is well known that in a two-commodity market resource-oriented schemes are possible. In this article we show that resource-oriented algorithms can be used for the general multicommodity case as well, and present and analyze an algorithm. The algorithm has been implemented and some performance properties, for a specific example, are presented.

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Authors and Affiliations

  1. EnerSearch AB and Uppsala University, Chalmers Science Park, SE-412 88, Gothenburg, Sweden

    Fredrik Ygge

  2. Computer Science Department, AKMC Knowledge Management and Free University Amsterdam, De Boelelaan 1081a, 1081 HV, Amsterdam, The Netherlands

    Hans Akkermans

Authors
  1. Fredrik Ygge
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  2. Hans Akkermans
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Ygge, F., Akkermans, H. Resource-Oriented Multicommodity Market Algorithms. Autonomous Agents and Multi-Agent Systems 3, 53–71 (2000). https://doi.org/10.1023/A:1010085828122

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