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A Practical Competitive Market Model for Indivisible Commodities
Yang, Zaifu - 2003
A general and practical competitive market model for trading indivisible goods is introduced. There are a group of buyers and a group of sellers, and several indivisible goods. Each buyer is initially endowed with a sufficient amount of money and each seller is endowed with several units of each...
Persistent link: https://www.econbiz.de/10014125050
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Stabilizing the economy : market design and general equilibrium
Goeree, Jacob K.; Lindsay, Luke - 2012
Review, 1960). Tatonnement theory predicts that prices are globally unstable for this economy, i.e. unless prices start at … the competitive equilibrium they oscillate without converging. Anderson et al. (Journal of Economic Theory, 2004) report … convergence. We replicate their experiments and confirm that tatonnement theory predicts the direction of price changes remarkably …
Persistent link: https://www.econbiz.de/10009743925
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Stabilizing the Economy : Market Design and General Equilibrium
Goeree, Jacob K. - 2012
Review, 1960). Tatonnement theory predicts that prices are globally unstable for this economy, i.e. unless prices start at … the competitive equilibrium they oscillate without converging. Anderson et al. (Journal of Economic Theory, 2004) report … convergence. We replicate their experiments and confirm that tatonnement theory predicts the direction of price changes remarkably …
Persistent link: https://www.econbiz.de/10013100705
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Chapter Fifteen. Competitive Market Mechanisms as Social Choice Procedures
Hammond, Peter J. - In: Handbook of social choice and welfare : volume 2, (pp. 47-151). 2011
A competitive market mechanism is a prominent example of a nonbinary social choice rule, typically defined for a special class of economic environments in which each social state is an economic allocation of private goods, and individuals’ preferences concern only their own personal...
Persistent link: https://www.econbiz.de/10014025193
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A fresh look on economic evolution from kinetic viewpoint
Lehmann-Waffenschmidt, Marco - 2003
The present paper makes a contribution to fill in a gap left open by dynamic theory and evolutionary economics as well …. While the "closed loop" dynamic theory has explanation power in analyzing evolving economic systems at the price of …
Persistent link: https://www.econbiz.de/10010506636
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Bankruptcy in General Equilibrium
Sabarwal, Tarun - 2019
In this paper, I construct a model of an exchange economy in which bankruptcy arises in a manner similar to what we observe. This model is a more realistic representation of some markets in which intertemporal assets are traded. Using standard and natural assumptions, I show that every economy...
Persistent link: https://www.econbiz.de/10012889092
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Radner equilibria under ambiguous volatility
Beißner, Patrick - 2013
The present paper considers a class of general equilibrium economics when the primitive uncertainty model features uncertainty about continuous-time volatility. This requires a set of mutually singular priors, which do not share the same null sets. For this setting we introduce an appropriate...
Persistent link: https://www.econbiz.de/10010212527
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Walras and Pareto on the Meaning of the Solution Concept in General Equilibrium Theory
Donzelli, Franco - 2011
Theory (GET). In this paper, after introducing the two solution concepts employed by Walras in the development of his version …
Persistent link: https://www.econbiz.de/10014055100
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Application of Fixed Point Theorems : The Existence of General Equilibrium in a Market Economy
Arora, Siddharth Vikas - 2022
Usually in an economy with a finite amount of commodity markets, it reaches a general equilibrium only if and when at a given price set value, aggregate supply equals the aggregate demand within these individual markets. In this expository paper, we will take an algebraic topological approach...
Persistent link: https://www.econbiz.de/10014082585
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From Singularity Theory to Finiteness of Walrasian Equilibria
Castro, Sofia B.S.D. - 2013
singularity theory …
Persistent link: https://www.econbiz.de/10013094465