Discrete Walrasian Exchange Process
In an exchange economy, we provide a discrete exchange process, which is Walrasian since the trades are given 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 is feasible and the utility of each consumer is non-decreasing.
|Date of creation:||Dec 2009|
|Date of revision:|
|Publication status:||Published in Documents de travail du Centre d'Economie de la Sorbonne 2009.85 - ISSN : 1955-611X. 2009|
|Note:||View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-00442865|
|Contact details of provider:|| Web page: https://hal.archives-ouvertes.fr/|
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.:
- Crockett, Sean & Spear, Stephen & Sunder, Shyam, 2008.
"Learning competitive equilibrium,"
Journal of Mathematical Economics,
Elsevier, vol. 44(7-8), pages 651-671, July.
- 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, 2010. "On the uniqueness of local equilibria," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00626720, HAL.
- Jean-Marc Bonnisseau & Orntangar Nguenamadji, 2008. "On the uniqueness of local equilibria," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00349204, HAL.
- 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.
- MERTENS , Jean-François, 1996.
"The limit-price mechanism,"
CORE Discussion Papers
1996050, 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.
- 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).
- Smale, Stephen, 1976. "Exchange processes with price adjustment," Journal of Mathematical Economics, Elsevier, vol. 3(3), pages 211-226, December.
- Mas-Colell,Andreu, 1990.
"The Theory of General Economic Equilibrium,"
Cambridge University Press, number 9780521388702.
When requesting a correction, please mention this item's handle: RePEc:hal:cesptp:halshs-00442865. 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: (CCSD)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.