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A Note on "Stability of Tâtonnement Processes of Short Period Equilibria with Rational Expectations"

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  • Herings, P.J.J.

    (Tilburg University, Center for Economic Research)

Abstract

In Hens (1997), a new adjustment process is proposed for a setting with reopening spot and asset markets. He argues by means of an intemporal variant of Scarf's example that this process is more stable than the other processes, although in general it might be more stable or less stable. This note gives further evidence showing that Hens's process is indeed more stable. The results contradict some of the arguments of Hens (1997), which are corrected.

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Bibliographic Info

Paper provided by Tilburg University, Center for Economic Research in its series Discussion Paper with number 1997-110.

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Date of creation: 1997
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Handle: RePEc:dgr:kubcen:1997110

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Web page: http://center.uvt.nl

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Keywords: Tatonnement; stability; rational expectations; general equilibrium;

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  1. Magill, Michael & Shafer, Wayne, 1991. "Incomplete markets," Handbook of Mathematical Economics, in: W. Hildenbrand & H. Sonnenschein (ed.), Handbook of Mathematical Economics, edition 1, volume 4, chapter 30, pages 1523-1614 Elsevier.
  2. Hens, Thorsten, 1997. "Stability of tatonnement processes of short period equilibria with rational expectations," Journal of Mathematical Economics, Elsevier, vol. 28(1), pages 41-67, August.
  3. Yves Balasko, 1993. "The Expectational Stability of Walrasian Equilibria," Research Papers by the Institute of Economics and Econometrics, Geneva School of Economics and Management, University of Geneva 93.09, Institut d'Economie et Econométrie, Université de Genève.
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