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 …

marginal rates of substitution trade; and that adding trading relationships may decrease individual and social welfare. The …

We develop a competitive equilibrium theory of a market for votes. Before voting on a binary issue, individuals may buy … that an equilibrium exists. The equilibriumwe characterize always results in dictatorship if there is any trade, and the …