Decentralized allocation of resources among many producers
type: Item
instance of: scholarly article
title: Decentralized allocation of resources among many producers
zbMATH Open document ID: 0689.90011
DOI: 10.1016/0304-4068(89)90009-8
author: Roger J.-B. Wets
author: Zvi Artstein
published in: Journal of Mathematical Economics
publication date: 1989-01-01T00:00:00Z
review text: The paper examines the possibility of using market-like structures in allocation problems with a large number of producers using decentralized procedures. The assumption on the distribution of producers is that it approximates a given underlying distribution in producers space thus relaxing prior approaches which utilize i.i.d. samplings or replicas. This eliminates the assumptions of independence and identical distribution, leading to deterministic, rather than almost sure conclusions. It is shown how market-like mechanisms may be used to get a decentralized decision process which is asymptotically optimal. A variation of the model allows the optimal policy to be modified in accordance to the situation of the producers. With respect to real life situations this model is important especially when information on the distribution of agents has to be accumulated during the execution of the allocation.
reviewed by: D. Cusmir
Mathematics Subject Classification ID: 91B60
zbMATH DE Number: 4130146
zbMATH Keywords: market-like structures
zbMATH Keywords: allocation problems
zbMATH Keywords: decentralized decision process
MaRDI profile type: Publication
full work available at URL: 0304-4068(89)90009-8
OpenAlex ID: W1992012511
cites work: Allocation of Resources in Large Teams
cites work: A variational problem arising in economics
cites work: Q5560061
cites work: Efficiency of Resource Allocation by Uninformed Demand
cites work: Q4121644
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description: scientific article; zbMATH DE number 4130146