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On convergence of contractual trajectories in pure exchange economies

Listed author(s):
  • Marakulin Valery


The study is aimed to investigate the convergence to equilibrium of trajectories generated by contractual processes. “Contractual process” is a view on economy’s self-regulation, describing any state of exchange economy as a set of barter contracts among agents/coalitions. It is assumed that any moment of continuous time agents can partially break some contracts and sign more beneficial ones. Such reconstructing is called “benevolent”, when an agent/coalition breaks old contracts only when exhausting all other opportunities to increase welfare. Such processes are shown to con-verge to equilibrium under reasonable conditions, whereas non-benevolent processes need not converge, as shown by series of examples.

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Paper provided by EERC Research Network, Russia and CIS in its series EERC Working Paper Series with number 06-07e.

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Date of creation: 18 Dec 2006
Handle: RePEc:eer:wpalle:06-07e
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  1. Graham, Daniel A. & Peter Jennergren, L. & Peterson, David W. & Roy Weintraub, E., 1976. "Trader-commodity parity theorems," Journal of Economic Theory, Elsevier, vol. 12(3), pages 443-454, June.
  2. Polterovich, Victor & Spivak, Vladimir, 1982. "Отображения С Валовой Заменимостью В Теории Экономического Равновесия
    [Gross Substitutability Mappings in Economic Equilibrium Theory]
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  3. Hurwicz, Leonid & Radner, Roy & Reiter, Stanley, 1975. "A Stochastic Decentralized Resource Allocation Process: Part I," Econometrica, Econometric Society, vol. 43(2), pages 187-221, March.
  4. Mukherji, Anjan, 1995. "A Locally Stable Adjustment Process," Econometrica, Econometric Society, vol. 63(2), pages 441-448, March.
  5. Kunimoto, Takashi & Serrano, Roberto, 2004. "Bargaining and competition revisited," Journal of Economic Theory, Elsevier, vol. 115(1), pages 78-88, March.
  6. Jordan, J. S., 1983. "Locally stable price mechanisms," Journal of Mathematical Economics, Elsevier, vol. 11(3), pages 235-259, July.
  7. Marakulin Valery, 2003. "Contracts and domination in incomplete markets," EERC Working Paper Series 02-04e, EERC Research Network, Russia and CIS.
  8. Kamiya, Kazuya, 1990. "A Globally Stable Price Adjustment Process," Econometrica, Econometric Society, vol. 58(6), pages 1481-1485, November.
  9. Daniel A. Graham & E. Roy Weintraub, 1975. "On Convergence to Pareto Allocations," Review of Economic Studies, Oxford University Press, vol. 42(3), pages 469-472.
  10. Anjan Mukherji, 2003. "Competitive Equilibria: Convergence, Cycles or Chaos," ISER Discussion Paper 0591, Institute of Social and Economic Research, Osaka University.
  11. Saari, Donald G & Simon, Carl P, 1978. "Effective Price Mechanisms," Econometrica, Econometric Society, vol. 46(5), pages 1097-1125, September.
  12. Paul J. Madden, 1975. "Efficient Sequences of Non-Monetary Exchange," Review of Economic Studies, Oxford University Press, vol. 42(4), pages 581-596.
  13. Mukherji, Anjan, 1974. "The Edgeworth-Uzawa Barter Stabilizes Prices," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 15(1), pages 236-241, February.
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