The Open Operational Research Journal

2008, 2 : 29-37
Published online 2008 June 06. DOI: 10.2174/1874243200802010029
Publisher ID: TOORJ-2-29

Variational Inequalities for Modeling Auction Markets with Price Mappings

I.V. Konnov
Department of System Analysis and Information Technologies, Kazan University, and Informatics Problems Institute, Kazan, Russia..

ABSTRACT

We propose several new models for separate and spatially distributed auction based markets where participants’ reactions are described by general price mappings and show that they admit equivalent variational inequality formulations. This approach is utilized for the derivation of existence and uniqueness results and for construction of efficient solution methods.

Keywords:

Auction market models, price mappings, distributed systems of auction markets.