This paper investigates the likelihood of factor-price equalization under the simple assumptions of Heckscher-Ohlin Theory. Factor-price equalization is also directly related to whether countries specialize or not in the global market. A full-equilibrium in the world requires not only the...

The epsilon-intelligent competitive equilibrium algorithm is a decentralized alternative to Walras' tatonnement procedure for markets to arrive at competitive equilibrium. We build on the Gode-Spear-Sunder zero-intelligent algorithm in which random generation of bids and offers from agents'...