Updated Walras model

Abstract

Walras theory is well known and widely used in models of market economy [3]. Various iterative methods are developed to search for the equilibrium conditions. In this paper a search for the Nash equilibrium [2] is deЇned as a stochastic global optimization problem. The improved version of web-based optimization software is presented. The speciЇc property is simulation of stochastic customer arrivals and stochastic service times and application of Bayesian Approach to optimization [1].