The allocation of surplus by markets: A framework for analysis

Nicolás Garrido

Research output: Contribution to journalArticlepeer-review

Abstract

The aim of this paper is to present algorithmic specifications of institutions as an alternative to the pervasive gradient institutions used in mainstream economics. A framework to evaluate the performance of the institutions is proposed using instruments from landscape theory. The problem of how a simple market allocates surplus is studied as an example of application of the framework.

Original languageEnglish
Pages (from-to)1183-1210
Number of pages28
JournalInternational Journal of Modern Physics C
Volume19
Issue number8
DOIs
Publication statusPublished - Aug 2008
Externally publishedYes

Keywords

  • Algorithms
  • Dynamical system
  • Institutional design
  • Landscape theory
  • Simulation

ASJC Scopus subject areas

  • Statistical and Nonlinear Physics
  • Mathematical Physics
  • Physics and Astronomy(all)
  • Computer Science Applications
  • Computational Theory and Mathematics

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