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    Walras competition model, an example of global optimization

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    Walras theory is well known and widely used in models of market economy. Various iterative methods are developed to search for the equilibrium conditions. In this paper a new approach is proposed and implemented where the search for Walras equilibrium is defined as a stochastic global optimization problem. This way random nature of customer arrivals is represented and the convergence to equilibrium is provided if equilibrium exists. [...]
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