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On convergence of contractual trajectories in pure exchange economies

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  • Marakulin Valery

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Abstract

The study is aimed to investigate the convergence to equilibrium of trajectories generated by contractual processes. “Contractual process” is a view on economy’s self-regulation, describing any state of exchange economy as a set of barter contracts among agents/coalitions. It is assumed that any moment of continuous time agents can partially break some contracts and sign more beneficial ones. Such reconstructing is called “benevolent”, when an agent/coalition breaks old contracts only when exhausting all other opportunities to increase welfare. Such processes are shown to con-verge to equilibrium under reasonable conditions, whereas non-benevolent processes need not converge, as shown by series of examples.

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Bibliographic Info

Paper provided by EERC Research Network, Russia and CIS in its series EERC Working Paper Series with number 06-07e.

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Date of creation: 18 Dec 2006
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Handle: RePEc:eer:wpalle:06-07e

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Related research

Keywords: Russia; core; contract; contractual allocation; contractual process (trajectory); tatonnement; competitive equilibrium;

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  1. Graham, Daniel A. & Peter Jennergren, L. & Peterson, David W. & Roy Weintraub, E., 1976. "Trader-commodity parity theorems," Journal of Economic Theory, Elsevier, Elsevier, vol. 12(3), pages 443-454, June.
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  4. Kamiya, Kazuya, 1990. "A Globally Stable Price Adjustment Process," Econometrica, Econometric Society, Econometric Society, vol. 58(6), pages 1481-85, November.
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    [Gross Substitutability Mappings in Economic Equilibrium Theory]
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  7. Graham, Daniel A & Weintraub, E Roy, 1975. "On Convergence to Pareto Allocations," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 42(3), pages 469-72, July.
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  10. Marakulin Valery, 2003. "Contracts and domination in incomplete markets," EERC Working Paper Series, EERC Research Network, Russia and CIS 02-04e, EERC Research Network, Russia and CIS.
  11. Jordan, J. S., 1983. "Locally stable price mechanisms," Journal of Mathematical Economics, Elsevier, vol. 11(3), pages 235-259, July.
  12. Madden, Paul J, 1975. "Efficient Sequences of Non-Monetary Exchange," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 42(4), pages 581-96, October.
  13. Anjan Mukherji, 2003. "Competitive Equilibria: Convergence, Cycles or Chaos," ISER Discussion Paper, Institute of Social and Economic Research, Osaka University 0591, Institute of Social and Economic Research, Osaka University.
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Cited by:
  1. Valery M. Marakulin, 2009. "Economies with Asymmetrically Informed Agents: the Concept of Limit Information," Journal of the New Economic Association, New Economic Association, New Economic Association, issue 1-2, pages 62-85.

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