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Under full substitutability of preferences, it has been shown that a competitive equilibrium exists in trading networks, and is equivalent (after a restriction to equilibrium trades) to (chain) stable outcomes. In this paper, we formulate the problem of finding an efficient outcome as a generalized submodular flow problem on a suitable network
From:
Candogan, Ozan
University of Chicago
Epitropou, Markos
Vohra, Rakesh V.
University of Pennsylvania
Under full substitutability of preferences, it has been shown that a competitive equilibrium exists in trading networks, and is equivalent (after a restriction to equilibrium trades) to (chain) stable outcomes. In this paper, we formulate the problem of finding an efficient outcome as a generalized submodular flow problem on a suitable network
From:
Candogan, Ozan
University of Chicago
Epitropou, Markos
Vohra, Rakesh V.
University of Pennsylvania