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Discrete Walrasian exchange process

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  • Jean-Marc Bonnisseau

    ()

  • Orntangar Nguenamadji

    ()

Abstract

In an exchange economy, we define a discrete exchange process, which is Walrasian, since the trades are determined by the equilibrium allocation of the local equilibrium. We prove that this process attains a Pareto optimal allocation after a finite number of steps and the local equilibrium price then supports the Pareto optimal allocation. Furthermore, along the process, the allocation remains feasible and the utility of each consumer is non-decreasing. Copyright Springer-Verlag 2013

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Bibliographic Info

Article provided by Springer in its journal Economic Theory.

Volume (Year): 52 (2013)
Issue (Month): 3 (April)
Pages: 1091-1100

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Handle: RePEc:spr:joecth:v:52:y:2013:i:3:p:1091-1100

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Related research

Keywords: Exchange process; Walrasian equilibrium; Local equilibrium; Pareto optimum; C62; D50; D62;

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References

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  1. CHANDER, Parkash & TULKENS, Henry, 1990. "Exchange processes, the core and competitive allocations," CORE Discussion Papers, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) 1990003, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  2. Sean Crockett, 2008. "Learning competitive equilibrium in laboratory exchange economies," Economic Theory, Springer, Springer, vol. 34(1), pages 157-180, January.
  3. Jean-Marc Bonnisseau & Orntangar Nguenamadji, 2008. "On the uniqueness of local equilibria," Documents de travail du Centre d'Economie de la Sorbonne b08102, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne, revised Dec 2009.
  4. Sean Crockett & Stephen Spear & Shyam Sunder, 1899. "Learning Competitive Equilibrium," GSIA Working Papers, Carnegie Mellon University, Tepper School of Business 2003-E18, Carnegie Mellon University, Tepper School of Business.
  5. Bottazzi, Jean-Marc, 1994. "Accessibility of Pareto optima by Walrasian exchange processes," Journal of Mathematical Economics, Elsevier, vol. 23(6), pages 585-603, November.
  6. Mertens, J. F., 2003. "The limit-price mechanism," Journal of Mathematical Economics, Elsevier, vol. 39(5-6), pages 433-528, July.
  7. Yves Balasko, 2007. "Out-of-equilibrium price dynamics," Economic Theory, Springer, Springer, vol. 33(3), pages 413-435, December.
  8. Smale, Stephen, 1976. "Exchange processes with price adjustment," Journal of Mathematical Economics, Elsevier, vol. 3(3), pages 211-226, December.
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Cited by:
  1. Bonnisseau, Jean-Marc & Nguenamadji, Orntangar, 2010. "On the uniqueness of local equilibria," Journal of Mathematical Economics, Elsevier, vol. 46(5), pages 623-632, September.
  2. Gaël Giraud & Nguenamadji Orntangar, 2011. "Monetary policy under finite speed of trades and myopia," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00609824, HAL.

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