Abstract
We present a new flow-type convex program describing equilibrium solutions to linear Arrow-Debreu markets. Whereas convex formulations were previously known ([Nenakov and Primak 1983; Jain 2007; Cornet 1989]), our program exhibits several new features. It provides a simple necessary and sufficient condition and a concise proof of the existence and rationality of equilibria, settling an open question raised by Vazirani [2012]. As a consequence, we also obtain a simple new proof of the result in Mertens [2003] that the equilibrium prices form a convex polyhedral set.
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