Shapley-Folkman-Lyapunov theorem and Asymmetric First price auctions

Josheski, Dushko and Karamazova, Elena and Apostolov, Mico (2019) Shapley-Folkman-Lyapunov theorem and Asymmetric First price auctions. Applied Mathematics and Nonlinear Sciences, 4 (2). pp. 331-350. ISSN 2444-8656

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Abstract

In this paper non-convexity in economics has been revisited. Shapley-Folkman-Lyapunov theorem has been tested with the asymmetric auctions where bidders follow log-concave probability distributions (non-convex preferences). Ten standard statistical distributions have been used to describe the bidders’ behavior. In principle what is been tested is that equilibrium price can be achieved where the sum of large number non-convex sets is convex (approximately), so that optimization is possible. Convexity is thus very important in economics.

Item Type: Article
Subjects: Social Sciences > Economics and business
Natural sciences > Matematics
Divisions: Faculty of Tourism and Business Logistics
Depositing User: Dusko Josevski
Date Deposited: 02 Sep 2019 10:58
Last Modified: 02 Sep 2019 10:58
URI: http://eprints.ugd.edu.mk/id/eprint/22360

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