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Stability of the edgeworth process with firms but no production

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  • Saldanha, Fernando M.C.B.

Abstract

In this paper an Edgeworth Process for economies with firmsis defined, and its stability is proved. The process constrains trade to occur if and only if there is, at the given prices, a trade that increases the sum of utilities and profits without decreasing the utility of a household or the profits of a firm. A proof of convergence of prices to an equilibrium price vector is provided.

Suggested Citation

  • Saldanha, Fernando M.C.B., 1986. "Stability of the edgeworth process with firms but no production," Brazilian Review of Econometrics, Sociedade Brasileira de Econometria - SBE, vol. 6(1), April.
    • Handle: RePEc:sbe:breart:v:6:y:1986:i:1:a:3120
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    References listed on IDEAS

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    1. Smale, Stephen, 1976. "Exchange processes with price adjustment," Journal of Mathematical Economics, Elsevier, vol. 3(3), pages 211-226, December.
    2. 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.
    3. Fisher, Franklin M, 1974. "The Hahn Process with Firms but No Production," Econometrica, Econometric Society, vol. 42(3), pages 471-486, May.
    4. Friedman, Daniel, 1979. "Money-mediated disequilibrium processes in a pure exchange economy," Journal of Mathematical Economics, Elsevier, vol. 6(2), pages 149-167, July.
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