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Exchange economics as an alternative to distributed optimization

Rantzer, Anders LU (2016) 55th IEEE Conference on Decision and Control 2016 In 2016 IEEE 55th Conference on Decision and Control (CDC)
Abstract
Quadratic optimization subject to linear constraints is a fundamental building-block in many other branches of applied mathematics. However, for large-scale systems, where a common global objective function is neither naturally defined nor easily computable, it is natural to view economic equilibrium theory as an alternative approach to design and analysis. Stability and robustness of equilibria can then be studied using the concept of monotonicity. In this paper we prove fundamental monotonicity properties for price dynamics with quadratic utilities. In particular, the main theorem gives quantitative bounds on the size of the monotone cone. Simple examples illustrate the ideas.
Please use this url to cite or link to this publication:
author
organization
publishing date
type
Chapter in Book/Report/Conference proceeding
publication status
published
subject
in
2016 IEEE 55th Conference on Decision and Control (CDC)
conference name
55th IEEE Conference on Decision and Control 2016
external identifiers
  • scopus:85010791810
ISBN
978-1-5090-1837-6
DOI
10.1109/CDC.2016.7799078
language
English
LU publication?
yes
id
dc61161e-f1d1-49db-b4b5-40a6a5ac9ea7
date added to LUP
2017-02-23 17:17:25
date last changed
2017-03-27 14:11:24
@inproceedings{dc61161e-f1d1-49db-b4b5-40a6a5ac9ea7,
  abstract     = {Quadratic optimization subject to linear constraints is a fundamental building-block in many other branches of applied mathematics. However, for large-scale systems, where a common global objective function is neither naturally defined nor easily computable, it is natural to view economic equilibrium theory as an alternative approach to design and analysis. Stability and robustness of equilibria can then be studied using the concept of monotonicity. In this paper we prove fundamental monotonicity properties for price dynamics with quadratic utilities. In particular, the main theorem gives quantitative bounds on the size of the monotone cone. Simple examples illustrate the ideas.},
  author       = {Rantzer, Anders},
  booktitle    = {2016 IEEE 55th Conference on Decision and Control (CDC)},
  isbn         = {978-1-5090-1837-6},
  language     = {eng},
  title        = {Exchange economics as an alternative to distributed optimization},
  url          = {http://dx.doi.org/10.1109/CDC.2016.7799078},
  year         = {2016},
}