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Competitive Equilibrium: Walras Meets Darwin


  • Flam, S.D.
  • Sandvik, B.


Prime objects of this note are (I) excess demand generated by price-taking economic agents, and (II) an alternative version of tatonnement. We relate laws of demand, axioms of revealed preferences, and other notions of generalized monotonicity to "evolutionary stable" prices. Focus is on local stability of competitive equilibrium. Specifically, we establish that evolutionary stable prices are asymptotically attractive under so-called replicator dynamics.

Suggested Citation

  • Flam, S.D. & Sandvik, B., 1999. "Competitive Equilibrium: Walras Meets Darwin," Norway; Department of Economics, University of Bergen 0699, Department of Economics, University of Bergen.
  • Handle: RePEc:fth:bereco:0699

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    Cited by:

    1. Sjur Didrik Flåm, 2002. "Pooling, Pricing and Trading of Risks," CESifo Working Paper Series 672, CESifo Group Munich.
    2. Sjur Flåm, 2009. "Pooling, pricing and trading of risks," Annals of Operations Research, Springer, vol. 165(1), pages 145-160, January.

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    JEL classification:

    • C62 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Existence and Stability Conditions of Equilibrium
    • D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General


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