Computing Economic Equilibria through Nonsmooth Optimization

Keyzer, M.A., Lemarechal, C., & Mifflin, R. (1978). Computing Economic Equilibria through Nonsmooth Optimization. IIASA Research Memorandum. IIASA, Laxenburg, Austria: RM-78-013

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Abstract

In the first section the problem of nonsmooth optimization is described in general terms, setting the precise hypothesis in mathematical language. Section 2 describes the principles of an example which arises in the context of the linkage of national models of food and agriculture. The general methodology is presented in Section 3, where the algorithm of solution is outlined. Section 4 reports on an extensive set of numerical experiments, both on problems known in the literature, and on the example of Section 2. Finally the paper concludes with some remarks about improvements of the algorithm, which motivate further research on the subject.

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