Dense families of low-complexity attainable sets of markets |
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Authors: | Louis J Billera Robert J Weber |
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Institution: | Cornell University, Ithaca, NY 14853, USA;Cowles Foundation for Research in Economics, Yale University, New Haven, CT 06520, USA |
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Abstract: | The complexity of the attainable set of utility outcomes of a market (with finitely many traders) is defined as the least number of commodities involved in any market giving the same set. This notion is investigated both for the case of quasiconcave and concave utility functions. It is shown that, in either case, there is a dense collection of attainable sets, each having complexity at most n(n?1)/2. |
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