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The Stability of Walrasian General Equilibrium

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Abstract

We prove the stability of equilibrium in a completely decentralized Walrasian general equilibrium economy in which prices are fully controlled by economic agents, with production and trade occuring out of equilibrium

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  • Herbert Gintis & Antoine Mandel, 2012. "The Stability of Walrasian General Equilibrium," Documents de travail du Centre d'Economie de la Sorbonne 12065r, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne, revised Apr 2013.
    • Handle: RePEc:mse:cesdoc:12065r
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    1. Mantel, Rolf R., 1974. "On the characterization of aggregate excess demand," Journal of Economic Theory, Elsevier, vol. 7(3), pages 348-353, March.
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    9. Shapley, Lloyd S & Shubik, Martin, 1977. "Trade Using One Commodity as a Means of Payment," Journal of Political Economy, University of Chicago Press, vol. 85(5), pages 937-968, October.
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    13. Sonnenschein, Hugo, 1973. "Do Walras' identity and continuity characterize the class of community excess demand functions?," Journal of Economic Theory, Elsevier, vol. 6(4), pages 345-354, August.
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    Cited by:

    1. Shapour Heidarkhani & David Barilla & Giuseppe Caristi, 2023. "Quasivariational inequalities for dynamic competitive economic equilibrium problems in discrete time," Decisions in Economics and Finance, Springer;Associazione per la Matematica, vol. 46(1), pages 277-304, June.
    2. Mandel, Antoine & Landini, Simone & Gallegati, Mauro & Gintis, Herbert, 2015. "Price dynamics, financial fragility and aggregate volatility," Journal of Economic Dynamics and Control, Elsevier, vol. 51(C), pages 257-277.
    3. Maria-Augusta Miceli & Federico Cecconi & Giovanni Cerulli, 2013. "Walrasian Tatonnement by Sequential Pairwise Trading: Convergence and Welfare Implications," Working Papers in Public Economics 161, Department of Economics and Law, Sapienza University of Roma.
    4. Simone Landini & Mauro Gallegati & J. Barkley Rosser, 2020. "Consistency and incompleteness in general equilibrium theory," Journal of Evolutionary Economics, Springer, vol. 30(1), pages 205-230, January.
    5. Oriol Valles Codina, 2020. "Economic Production as Life: A Classical Approach to Computational Social Science," Working Papers 2001, New School for Social Research, Department of Economics.
    6. repec:hal:pseose:halshs-01152302 is not listed on IDEAS

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    More about this item

    Keywords

    General Equilibrium; exchange economies; bargaining games; stability;
    All these keywords.

    JEL classification:

    • C62 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Existence and Stability Conditions of Equilibrium
    • D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies
    • D58 - Microeconomics - - General Equilibrium and Disequilibrium - - - Computable and Other Applied General Equilibrium Models

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