@inproceedings{f397d131812944439156d047c6d19907,
title = "Why prices need algorithms",
abstract = "Computational complexity has already had plenty to say about the computation of economic equilibria. However, understanding when equilibria are guaranteed to exist is a central theme in economic theory, seemingly unrelated to computation. In this talk we survey our main results presented at EC'15, which show that the existence of equilibria in markets is inextricably connected to the computational complexity of related optimization problems, such as revenue or welfare maximization. We demonstrate how this relationship implies, under suitable complexity assumptions, a host of impossibility results. We also suggest a complexity-theoretic explanation for the lack of useful extensions of the Walrasian equilibrium concept: such extensions seem to require the invention of novel polynomial-time algorithms for welfare maximization.",
keywords = "Walrasian equilibrium existence, Welfare maximization",
author = "Tim Roughgarden and Inbal Talgam-Cohen",
note = "Publisher Copyright: {\textcopyright} 2017 Copyright held by the owner/author(s).; 49th Annual ACM SIGACT Symposium on Theory of Computing, STOC 2017 ; Conference date: 19-06-2017 Through 23-06-2017",
year = "2017",
month = jun,
day = "19",
doi = "https://doi.org/10.1145/3055399.3079077",
language = "الإنجليزيّة",
series = "Proceedings of the Annual ACM Symposium on Theory of Computing",
pages = "2",
editor = "Pierre McKenzie and Valerie King and Hamed Hatami",
booktitle = "STOC 2017 - Proceedings of the 49th Annual ACM SIGACT Symposium on Theory of Computing",
}