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Constrained Pseudo-market Equilibrium
14:00-15:30, Friday, September 18, 2020
Dr. Jun ZHANG, is now an associate professor at Institute for Social and Economic Research, Nanjing Audit University. Dr. ZHANG obtained his Ph.D. in Economics from California Institute of Technology in 2017. His research interests are Game Theory, Market Design and Matching Theory. His works have appeared in Journal of Economic Theory, Games and Economic Behavior and Economics Letters. He served as journal referee for 6 international journals, like Econometrica, Economic Theory, among others and presided over a Youth Program of National Natural Science Foundation of China.
We propose a market solution to the problem of resource allocation subject to quantitative constraints, such as those imposed by considerations of diversity or geographical distribution. Constraints are "priced," and agents are charged to the extent that their purchases affect the value (at equilibrium prices) of the relevant constraints. The result is a constrained-efficient market equilibrium outcome. The outcome is fair whenever the constraints do not single out individual agents, which happens, for example with geographical distribution constraints. In economies with endowments, moreover, our equilibrium outcomes are constrained efficient and approximately individually rational.
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