The Walrasian output beats the market
We show that for any market-clearing price, average profits in a symmetric industry cannot exceed the individual profits from the Walrasian output. This immediately implies that a firm itself can guarantee to beat the market by producing the Walrasian output. This property clarifies and generalizes the conditions used in the literature to prove the success of Walrasian behavior from an evolutionary perspective.
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Volume (Year): 41 (2012)
Issue (Month): 1 (February)
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