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Walrasian Equilibria in a Production Economy with Indivisibilities

Author

Listed:
  • Jinpeng Ma

    (Economics, Rutgers University, Camden, NJ 08102)

Abstract

This paper studies a production economy with indivisibilities. We provide a characterization for all Walraian equilibria and a necessary and sufficient condition for the existence of Walrasian equilibrium. We find a sufficient condition for every descening (ascending) price process to converge to a Walrasian equilibrium within finite periods of time.

Suggested Citation

  • Jinpeng Ma, 1997. "Walrasian Equilibria in a Production Economy with Indivisibilities," Departmental Working Papers 199712, Rutgers University, Department of Economics.
    • Handle: RePEc:rut:rutres:199712
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    File URL: http://www.sas.rutgers.edu/virtual/snde/wp/1997-12.pdf
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    References listed on IDEAS

    as
    1. Roth, Alvin E. & Sotomayor, Marilda, 1992. "Two-sided matching," Handbook of Game Theory with Economic Applications, in: R.J. Aumann & S. Hart (ed.), Handbook of Game Theory with Economic Applications, edition 1, volume 1, chapter 16, pages 485-541, Elsevier.
    2. Gul, F. & Stacchetti, E., 1997. "Walrasian Equilibrium Without Complementarities," Papers 97-03, Michigan - Center for Research on Economic & Social Theory.
    3. Donald A. Walker (ed.), 2000. "Equilibrium," Books, Edward Elgar Publishing, volume 0, number 1585.
    4. Jinpeng Ma, 1997. "English Auctions and Walrasian Equilibria with Multiple Objects: a dynamic approach," Departmental Working Papers 199702, Rutgers University, Department of Economics.
    5. Crawford, Vincent P & Knoer, Elsie Marie, 1981. "Job Matching with Heterogeneous Firms and Workers," Econometrica, Econometric Society, vol. 49(2), pages 437-450, March.
    6. Ma, Jinpeng, 1998. "Competitive Equilibrium with Indivisibilities," Journal of Economic Theory, Elsevier, vol. 82(2), pages 458-468, October.
    7. Bikhchandani, Sushil & Mamer, John W., 1997. "Competitive Equilibrium in an Exchange Economy with Indivisibilities," Journal of Economic Theory, Elsevier, vol. 74(2), pages 385-413, June.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Walrasian Equilibrium;

    JEL classification:

    • D41 - Microeconomics - - Market Structure, Pricing, and Design - - - Perfect Competition

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