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Discrete Walrasian exchange process

  • Jean-Marc Bonnisseau


  • Orntangar Nguenamadji


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

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Article provided by Springer in its journal Economic Theory.

Volume (Year): 52 (2013)
Issue (Month): 3 (April)
Pages: 1091-1100

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Handle: RePEc:spr:joecth:v:52:y:2013:i:3:p:1091-1100
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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. Jean-Marc Bonnisseau & Orntangar Nguenamadji, 2010. "On the uniqueness of local equilibria," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00626720, HAL.
  3. 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).
  4. Bottazzi, Jean-Marc, 1994. "Accessibility of Pareto optima by Walrasian exchange processes," Journal of Mathematical Economics, Elsevier, vol. 23(6), pages 585-603, November.
  5. Mertens, J. F., 2003. "The limit-price mechanism," Journal of Mathematical Economics, Elsevier, vol. 39(5-6), pages 433-528, July.
  6. Mas-Colell,Andreu, 1985. "The Theory of General Economic Equilibrium," Cambridge Books, Cambridge University Press, number 9780521265140, October.
  7. Crockett, Sean & Spear, Stephen & Sunder, Shyam, 2008. "Learning competitive equilibrium," Journal of Mathematical Economics, Elsevier, vol. 44(7-8), pages 651-671, July.
  8. Sean Crockett, 2008. "Learning competitive equilibrium in laboratory exchange economies," Economic Theory, Springer, vol. 34(1), pages 157-180, January.
  9. Yves Balasko, 2007. "Out-of-equilibrium price dynamics," Economic Theory, Springer, vol. 33(3), pages 413-435, December.
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