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Equilibrium selections

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Author Info
Beth Allen
Jayasri Dutta
Haraklis M. Polemarchakis

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Abstract

This paper studies the outcome of fully insured random selections among multiple competitive equilibria. This defines an iterative procedure of reallocation which is Pareto improving at each step. The process converges to a unique Pareto optimal allocation in finitely many steps. The key requirement is that random selections be continuous, which is a generic condition for smooth exchange economies with strictly concave utility functions.

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File URL: http://www.minneapolisfed.org/research/DP/DP90.pdf
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Publisher Info
Paper provided by Federal Reserve Bank of Minneapolis in its series Discussion Paper / Institute for Empirical Macroeconomics with number 90.

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Date of creation: 1994
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Handle: RePEc:fip:fedmem:90

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Related research
Keywords: Prices

Cited by:
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  1. Sayantan Ghosal & Massimo Morelli, 2002. "Retrading in Market Games," Economics Working Papers 0012, Institute for Advanced Study, School of Social Science. [Downloadable!]
    Other versions:
  2. Martin Hohnisch, 2005. "Local Interactions as a Decentralized Mechanism Coordinating Equilibrium Expectations," Bonn Econ Discussion Papers bgse30_2005, University of Bonn, Germany. [Downloadable!]
  3. Hector Calvo Pardo, 2005. "Are the Anti-globalists right? Gains-from-trade without a Walrasian auctioneer," PSE Working Papers 2005-35, PSE (Ecole normale supérieure). [Downloadable!]
  4. Jayasri Dutta & Stephen Morris, . ""The Revelation of Information and Self-Fulfilling Beliefs''," CARESS Working Papres 95-03, University of Pennsylvania Center for Analytic Research and Economics in the Social Sciences. [Downloadable!]
    Other versions:
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