Unique Ergodicity in the Interconnections of Ensembles with Applications to Two-Sided Markets
Fuente:
arXiv
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| Autori principali: | , , , |
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| Natura: | Preprint |
| Pubblicazione: |
2021
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| _version_ | 1866909583383986176 |
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| author | Griggs, Wynita M. Ghosh, Ramen Marecek, Jakub Shorten, Robert N. |
| author_facet | Griggs, Wynita M. Ghosh, Ramen Marecek, Jakub Shorten, Robert N. |
| contents | There has been much recent interest in two-sided markets and dynamics thereof. In a rather a general discrete-time feedback model, which we show conditions that assure that for each agent, there exists the limit of a long-run average allocation of a resource to the agent, which is independent of any initial conditions. We call this property the unique ergodicity.
Our model encompasses two-sided markets and more complicated interconnections of workers and customers, such as in a supply chain. It allows for non-linearity of the response functions of market participants. Finally, it allows for uncertainty in the response of market participants by considering a set of the possible responses to either price or other signals and a measure to sample from these. |
| format | Preprint |
| id |
arxiv_https___arxiv_org_abs_2104_14858 |
| institution | arXiv |
| publishDate | 2021 |
| record_format | arxiv |
| spellingShingle | Unique Ergodicity in the Interconnections of Ensembles with Applications to Two-Sided Markets Griggs, Wynita M. Ghosh, Ramen Marecek, Jakub Shorten, Robert N. Optimization and Control Multiagent Systems Systems and Control There has been much recent interest in two-sided markets and dynamics thereof. In a rather a general discrete-time feedback model, which we show conditions that assure that for each agent, there exists the limit of a long-run average allocation of a resource to the agent, which is independent of any initial conditions. We call this property the unique ergodicity. Our model encompasses two-sided markets and more complicated interconnections of workers and customers, such as in a supply chain. It allows for non-linearity of the response functions of market participants. Finally, it allows for uncertainty in the response of market participants by considering a set of the possible responses to either price or other signals and a measure to sample from these. |
| title | Unique Ergodicity in the Interconnections of Ensembles with Applications to Two-Sided Markets |
| topic | Optimization and Control Multiagent Systems Systems and Control |
| url | https://arxiv.org/abs/2104.14858 |