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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.

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File URL: ftp://mse.univ-paris1.fr/pub/mse/CES2009/09085.pdf
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Paper provided by Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne in its series Documents de travail du Centre d'Economie de la Sorbonne with number 09085.

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Length: 10 pages
Date of creation: Dec 2009
Date of revision:
Handle: RePEc:mse:cesdoc:09085
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  1. Jean-Marc Bonnisseau & Orntangar Nguenamadji, 2008. "On the uniqueness of local equilibria," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00349204, HAL.
  2. Sean Crockett, 2008. "Learning competitive equilibrium in laboratory exchange economies," Economic Theory, Springer, vol. 34(1), pages 157-180, January.
  3. MERTENS , Jean-François, 1996. "The limit-price mechanism," CORE Discussion Papers 1996050, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  4. Crockett, Sean & Spear, Stephen & Sunder, Shyam, 2008. "Learning competitive equilibrium," Journal of Mathematical Economics, Elsevier, vol. 44(7-8), pages 651-671, July.
  5. Yves Balasko, 2007. "Out-of-equilibrium price dynamics," Economic Theory, Springer, vol. 33(3), pages 413-435, December.
  6. 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).
  7. Bottazzi, Jean-Marc, 1994. "Accessibility of Pareto optima by Walrasian exchange processes," Journal of Mathematical Economics, Elsevier, vol. 23(6), pages 585-603, November.
  8. Smale, Stephen, 1976. "Exchange processes with price adjustment," Journal of Mathematical Economics, Elsevier, vol. 3(3), pages 211-226, December.
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