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The Stability of Walrasian General Equilibrium

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  • Herbert Gintis

    ()
    (Santa Fe Institute and Central European University)

  • Antoine Mandel

    ()
    (Centre d'Economie de la Sorbonne)

Abstract

We prove the stability of equilibrium in a completely decentralized Walrasian general equilibrium economy in which prices are fully controlled by economic agents, with production and trade occuring out of equilibrium.

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File URL: ftp://mse.univ-paris1.fr/pub/mse/CES2012/12065R.pdf
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Bibliographic Info

Paper provided by Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne in its series Documents de travail du Centre d'Economie de la Sorbonne with number 12065r.

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Length: 27 pages
Date of creation: Oct 2012
Date of revision: Apr 2013
Handle: RePEc:mse:cesdoc:12065r

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  1. Bala, Venkatesh & Majumdar, Mukul, 1992. "Chaotic Tatonnement," Economic Theory, Springer, Springer, vol. 2(4), pages 437-45, October.
  2. Mantel, Rolf R., 1974. "On the characterization of aggregate excess demand," Journal of Economic Theory, Elsevier, vol. 7(3), pages 348-353, March.
  3. Giraud, Gael, 2003. "Strategic market games: an introduction," Journal of Mathematical Economics, Elsevier, vol. 39(5-6), pages 355-375, July.
  4. Sonnenschein, Hugo, 1973. "Do Walras' identity and continuity characterize the class of community excess demand functions?," Journal of Economic Theory, Elsevier, vol. 6(4), pages 345-354, August.
  5. Saari, Donald G, 1985. "Iterative Price Mechanisms," Econometrica, Econometric Society, Econometric Society, vol. 53(5), pages 1117-31, September.
  6. Fisher, Franklin M., 1973. "Stability and competitive equilibrium in two models of search and individual price adjustment," Journal of Economic Theory, Elsevier, vol. 6(5), pages 446-470, October.
  7. Benaim, Michel & Weibull, Jörgen W., 2000. "Deterministic Approximation of Stochastic Evolution in Games," Working Paper Series, Research Institute of Industrial Economics 534, Research Institute of Industrial Economics, revised 30 Oct 2001.
  8. Friedman, Daniel, 1991. "Evolutionary Games in Economics," Econometrica, Econometric Society, Econometric Society, vol. 59(3), pages 637-66, May.
  9. Herbert Gintis, 2007. "The Dynamics of General Equilibrium," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 117(523), pages 1280-1309, October.
  10. T. Borgers & R. Sarin, 2010. "Learning Through Reinforcement and Replicator Dynamics," Levine's Working Paper Archive 380, David K. Levine.
  11. Sahi, Siddhartha & Yao, Shuntian, 1989. "The non-cooperative equilibria of a trading economy with complete markets and consistent prices," Journal of Mathematical Economics, Elsevier, vol. 18(4), pages 325-346, September.
  12. Shapley, Lloyd S & Shubik, Martin, 1977. "Trade Using One Commodity as a Means of Payment," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 85(5), pages 937-68, October.
  13. Mantel, Rolf R., 1976. "Homothetic preferences and community excess demand functions," Journal of Economic Theory, Elsevier, vol. 12(2), pages 197-201, April.
  14. Yves Balasko, 2009. "The Equilibrium Manifold: Postmodern Developments in the Theory of General Economic Equilibrium," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262026546, December.
  15. Kalai, Ehud & Smorodinsky, Meir, 1975. "Other Solutions to Nash's Bargaining Problem," Econometrica, Econometric Society, Econometric Society, vol. 43(3), pages 513-18, May.
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Cited by:
  1. Antoine Mandel & Simone Landini & Mauro Gallegati & Herbert Gintis, 2013. "Price Dynamics, financial fragility and aggregate volatility," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00917892, HAL.
  2. Maria-Augusta Miceli & Federico Cecconi & Giovanni Cerulli, 2013. "Walrasian TatÈnnement by Sequential Pairwise Trading: Convergence and Welfare Implications," Working Papers, University of Rome La Sapienza, Department of Public Economics 161, University of Rome La Sapienza, Department of Public Economics.

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