Convergence of auction algorithms based on the law of supply and demand in markets with budgets.

What is it about?

We seek to understand the class of markets in which the a well-known auction algorithm that simulates the law of supply and demand, Tâtonnement, converges.

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Why is it important?

Understanding the convergence of tâtonnement allows us to understand the class of markets which can reach an efficient allocation of resources, and has applications to many resource allocation problems.