Market Equilibrium Models in Large-Scale Internet Markets

Kroer, Christian; Stier-Moses, Nicolás E.

doi:10.1007/978-3-030-81945-3_7

Cited by 3 publications

(1 citation statement)

References 47 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…For example, the well-known fair division mechanism without money competitive equilibrium from equal incomes (CEEI) requires computing a ME of a Fisher market under uniform buyer budgets (Varian et al 1974). Recent work has also established close connections between market equilibria and important solution concepts in the context of large-scale Internet markets, such as pacing equilibria in repeated auctions (Conitzer et al 2018(Conitzer et al , 2019Kroer and Stier-Moses 2022). Motivated by the classical and emerging applications described above, we are interested in developing efficient equilibrium computation algorithms for large-scale market instances.…”

Section: Introductionmentioning

confidence: 99%

Fast and Interpretable Dynamics for Fisher Markets via Block-Coordinate Updates

Nan,

Gao,

Kroer

2023

AAAI

View full text Add to dashboard Cite

We consider the problem of large-scale Fisher market equilibrium computation through scalable first-order optimization methods. It is well-known that market equilibria can be captured using structured convex programs such as the Eisenberg-Gale and Shmyrev convex programs. Highly performant deterministic full-gradient first-order methods have been developed for these programs. In this paper, we develop new block-coordinate first-order methods for computing Fisher market equilibria, and show that these methods have interpretations as tâtonnement-style or proportional response-style dynamics where either buyers or items show up one at a time. We reformulate these convex programs and solve them using proximal block coordinate descent methods, a class of methods that update only a small number of coordinates of the decision variable in each iteration. Leveraging recent advances in the convergence analysis of these methods and structures of the equilibrium-capturing convex programs, we establish fast convergence rates of these methods.

show abstract

Section: Introductionmentioning

confidence: 99%

Fast and Interpretable Dynamics for Fisher Markets via Block-Coordinate Updates

Nan,

Gao,

Kroer

2023

AAAI

View full text Add to dashboard Cite

show abstract

Applied Machine Learning in Operations Management

Bastani

Zhang

2021

Springer Series in Supply Chain Management

View full text Add to dashboard Cite

Infinite-Dimensional Fisher Markets and Tractable Fair Division

Gao

Kroer

2023

Operations Research

View full text Add to dashboard Cite

Fisher market equilibrium models have long been a central topic in economics and computation. Recently, they have been widely used in the design and implementation of Internet marketplaces. Although the classical models are well studied and can be solved via tractable optimization characterizations, they only allow a finite number of items and thus face scalability issues when the item space is huge or even continuous. In “Infinite-Dimensional Fisher Markets and Tractable Fair Division,” Gao and Kroer propose infinite-dimensional convex programs and show that they capture market equilibria for infinite and possibly continuous item spaces, extending the classical Eisenberg-Gale framework. Using these results, the authors show that a challenging cake-cutting problem for piecewise linear agent valuations is equivalent to finding a market equilibrium and admits a tractable convex optimization characterization. Thus, it can be solved in polynomial time in theory and highly efficiently by numerical optimization software.

show abstract

Market Equilibrium Models in Large-Scale Internet Markets

Cited by 3 publications

References 47 publications

Fast and Interpretable Dynamics for Fisher Markets via Block-Coordinate Updates

Fast and Interpretable Dynamics for Fisher Markets via Block-Coordinate Updates

Applied Machine Learning in Operations Management

Infinite-Dimensional Fisher Markets and Tractable Fair Division

Contact Info

Product

Resources

About