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On convergence of contractual trajectories in pure exchange economies

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Author Info
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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Publisher 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;

Other versions of this item:

Find related papers by JEL classification:
C62 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Existence and Stability Conditions of Equilibrium
D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies

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  1. Jordan, J. S., 1983. "Locally stable price mechanisms," Journal of Mathematical Economics, Elsevier, vol. 11(3), pages 235-259, July. [Downloadable!] (restricted)
  2. Graham, Daniel A. & Peter Jennergren, L. & Peterson, David W. & Roy Weintraub, E., 1976. "Trader-commodity parity theorems," Journal of Economic Theory, Elsevier, vol. 12(3), pages 443-454, June. [Downloadable!] (restricted)
  3. Kunimoto, Takashi & Serrano, Roberto, 2004. "Bargaining and competition revisited," Journal of Economic Theory, Elsevier, vol. 115(1), pages 78-88, March. [Downloadable!] (restricted)
    Other versions:
  4. Mukherji, Anjan, 1995. "A Locally Stable Adjustment Process," Econometrica, Econometric Society, vol. 63(2), pages 441-48, March. [Downloadable!] (restricted)
  5. Marakulin Valery, 2003. "Contracts and domination in incomplete markets," EERC Working Paper Series 02-04e, EERC Research Network, Russia and CIS. [Downloadable!]
  6. Kamiya, Kazuya, 1990. "A Globally Stable Price Adjustment Process," Econometrica, Econometric Society, vol. 58(6), pages 1481-85, November. [Downloadable!] (restricted)
  7. Graham, Daniel A & Weintraub, E Roy, 1975. "On Convergence to Pareto Allocations," Review of Economic Studies, Blackwell Publishing, vol. 42(3), pages 469-72, July. [Downloadable!] (restricted)
  8. Hurwicz, Leonid & Radner, Roy & Reiter, Stanley, 1975. "A Stochastic Decentralized Resource Allocation Process: Part I," Econometrica, Econometric Society, vol. 43(2), pages 187-221, March. [Downloadable!] (restricted)
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  9. Madden, Paul J, 1975. "Efficient Sequences of Non-Monetary Exchange," Review of Economic Studies, Blackwell Publishing, vol. 42(4), pages 581-96, October. [Downloadable!] (restricted)
  10. Green, Jerry R, 1974. "The Stability of Edgeworth's Recontracting Process," Econometrica, Econometric Society, vol. 42(1), pages 21-34, January. [Downloadable!] (restricted)
  11. Mukherji, Anjan, 1974. "The Edgeworth-Uzawa Barter Stabilizes Prices," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 15(1), pages 236-41, February. [Downloadable!] (restricted)
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