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The Walrasian Output Beats the Market

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  • Antonio J. Morales

    ()
    (Department of Economic Theory, Universidad de Málaga)

  • Gonzalo Fernández-de-Córdoba

    ()
    (Department of Economic Theory, Universidad de Málaga)

Abstract

We show that for any market-clearing price, average profits in a symmetric industry cannot exceed the individual profits from the Walrasian output. This immediately implies that a firm itself can guarantee to beat the market by producing the Walrasian output. This property clarifies and generalizes the conditions used in the literature to prove the success of Walrasian behavior from an evolutionary perspective.

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File URL: http://webdeptos.uma.es/THEconomica/malagawpseries/Papers/METCwp2010-8.pdf
File Function: First version, 2010
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Bibliographic Info

Paper provided by Universidad de Málaga, Department of Economic Theory, Málaga Economic Theory Research Center in its series Working Papers with number 2010-08.

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Length: 7 pages
Date of creation: Jul 2010
Date of revision:
Handle: RePEc:mal:wpaper:2010-8

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Keywords: Walrasian equilibrium; Evolutionary foundation;

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  1. Jose Apesteguia & Steffen Huck & Jorg Oechssler, 2003. "Imitation - Theory and Experimental Evidence," Experimental 0309001, EconWPA.
  2. Schlag, Karl H., 1998. "Why Imitate, and If So, How?, : A Boundedly Rational Approach to Multi-armed Bandits," Journal of Economic Theory, Elsevier, vol. 78(1), pages 130-156, January.
  3. Burkhard C. Schipper, 2004. "Submodularity and the evolution of Walrasian behavior," International Journal of Game Theory, Springer, vol. 32(4), pages 471-477, 08.
  4. K. Schlag, 2010. "Why Imitate, and if so, How? Exploring a Model of Social Evolution," Levine's Working Paper Archive 454, David K. Levine.
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