Abstract
Walras theory is well known and widely used in models of market economy. Various iterative methods are developed to search for the equilibrium conditions. In this paper a new approach is proposed and implemented where the search for Walras equilibrium is defined as a stochastic global optimization problem. This way random nature of customer arrivals is represented and the convergence to equilibrium is provided if equilibrium exists. This paper describes a part of a Web-based integrated system for scientific cooperation and distance graduate studies of theories of optimization, games and markets which aim is to provide researchers and graduate students with hands-on experience on effective use of software. The objectives are to provide a tool for scientific collaboration and to stimulate creative abilities of graduate students to work as independent researchers. The web-site http://soften.ktu.lt/˜mockus includes a family of economic and finnacial models regarding them all as examples of the the general optimization theory.
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
