Josheski, Dushko and Karamazova Gelova, 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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[24448656 - Applied Mathematics and Nonlinear Sciences] Shapley-Folkman-Lyapunov theorem and Asymmetric First price auctions.pdf Download (1MB) | Preview |
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: | 22 Jun 2022 08:21 |
| URI: | https://eprints.ugd.edu.mk/id/eprint/22360 |
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