The Complexity of Non-Monotone Markets

Xi Chen; Dimitris Paparas; Mihalis Yannakakis

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arXiv · 1211.4918

The Complexity of Non-Monotone Markets

Xi Chen·Dimitris Paparas·Mihalis Yannakakis

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Abstract

We introduce the notion of non-monotone utilities, which covers a wide variety of utility functions in economic theory. We then prove that it is PPAD-hard to compute an approximate Arrow-Debreu market equilibrium in markets with linear and non-monotone utilities. Building on this result, we settle the long-standing open problem regarding the computation of an approximate Arrow-Debreu market equilibrium in markets with CES utility functions, by proving that it is PPAD-complete when the Constant Elasticity of Substitution parameter ρis any constant less than -1.

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Xi Chen, Dimitris Paparas, Mihalis Yannakakis. 2012-11-21. The Complexity of Non-Monotone Markets. https://arxiv.org/abs/1211.4918

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