Discrete Walrasian exchange process
In an exchange economy, we define a discrete exchange process, which is Walrasian, since the trades are determined by the equilibrium allocation of the local equilibrium. We prove that this process attains a Pareto optimal allocation after a finite number of steps and the local equilibrium price then supports the Pareto optimal allocation. Furthermore, along the process, the allocation remains feasible and the utility of each consumer is non-decreasing. Copyright Springer-Verlag 2013
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Volume (Year): 52 (2013)
Issue (Month): 3 (April)
|Contact details of provider:|| Web page: http://link.springer.de/link/service/journals/00199/index.htm|
|Order Information:||Web: http://link.springer.de/orders.htm|
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Smale, Stephen, 1976. "Exchange processes with price adjustment," Journal of Mathematical Economics, Elsevier, vol. 3(3), pages 211-226, December.
- Jean-Marc Bonnisseau & Orntangar Nguenamadji, 2010.
"On the uniqueness of local equilibria,"
Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers)
- Jean-Marc Bonnisseau & Orntangar Nguenamadji, 2008. "On the uniqueness of local equilibria," Documents de travail du Centre d'Economie de la Sorbonne b08102, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne, revised Dec 2009.
- Jean-Marc Bonnisseau & Orntangar Nguenamadji, 2008. "On the uniqueness of local equilibria," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00349204, HAL.
- CHANDER, Parkash & TULKENS, Henry, 1990. "Exchange processes, the core and competitive allocations," CORE Discussion Papers 1990003, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Bottazzi, Jean-Marc, 1994. "Accessibility of Pareto optima by Walrasian exchange processes," Journal of Mathematical Economics, Elsevier, vol. 23(6), pages 585-603, November.
- Mertens, J. F., 2003.
"The limit-price mechanism,"
Journal of Mathematical Economics,
Elsevier, vol. 39(5-6), pages 433-528, July.
- Mas-Colell,Andreu, 1985.
"The Theory of General Economic Equilibrium,"
Cambridge University Press, number 9780521265140, October.
- Crockett, Sean & Spear, Stephen & Sunder, Shyam, 2008.
"Learning competitive equilibrium,"
Journal of Mathematical Economics,
Elsevier, vol. 44(7-8), pages 651-671, July.
- Sean Crockett, 2008. "Learning competitive equilibrium in laboratory exchange economies," Economic Theory, Springer, vol. 34(1), pages 157-180, January.
- Yves Balasko, 2007. "Out-of-equilibrium price dynamics," Economic Theory, Springer, vol. 33(3), pages 413-435, December.
When requesting a correction, please mention this item's handle: RePEc:spr:joecth:v:52:y:2013:i:3:p:1091-1100. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Sonal Shukla)or (Christopher F Baum)
If references are entirely missing, you can add them using this form.