An Alternative Economic Equilibrium Model with Different Implementation Mechanisms

We consider a general economic equilibrium model with divisible commodities and price functions based on the material balance condition. We show that mechanisms for attaining its solution points are closely related to information exchange schemes attributed to the model within its basic information framework. In particular, it contains features from both perfect and imperfect competitive models and its equilibrium state can be attained within a completely decentralized transaction mechanism. Therefore, we obtain a rather flexible modeling framework for describing various complex economic systems. At the same time, the model admits an equivalent variational inequality formulation, hence there exists a great collection of results for its investigation and solution. We discuss its relationships with some other economic equilibrium models