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Walrasian Equilibria in a Production Economy with Indivisibilities

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  • Jinpeng Ma

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    (Economics, Rutgers University, Camden, NJ 08102)

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    Abstract

    This paper studies a production economy with indivisibilities. We provide a characterization for all Walraian equilibria and a necessary and sufficient condition for the existence of Walrasian equilibrium. We find a sufficient condition for every descening (ascending) price process to converge to a Walrasian equilibrium within finite periods of time.

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    File URL: ftp://snde.rutgers.edu/Rutgers/wp/1997-12.pdf
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    Bibliographic Info

    Paper provided by Rutgers University, Department of Economics in its series Departmental Working Papers with number 199712.

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    Date of creation: 17 Sep 1997
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    Handle: RePEc:rut:rutres:199712

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    Keywords: Walrasian Equilibrium;

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    1. Gul, F. & Stacchetti, E., 1997. "Walrasian Equilibrium Without Complementarities," Papers 97-03, Michigan - Center for Research on Economic & Social Theory.
    2. Crawford, Vincent P & Knoer, Elsie Marie, 1981. "Job Matching with Heterogeneous Firms and Workers," Econometrica, Econometric Society, vol. 49(2), pages 437-50, March.
    3. Bikhchandani, Sushil & Mamer, John W., 1997. "Competitive Equilibrium in an Exchange Economy with Indivisibilities," Journal of Economic Theory, Elsevier, vol. 74(2), pages 385-413, June.
    4. Ellickson,Bryan, 1994. "Competitive Equilibrium," Cambridge Books, Cambridge University Press, number 9780521319881, October.
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