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Global stability conditions on the plane
Mukherji, Anjan (contributor) - 2003 - [Elektronische Ressource]
The paper considers price adjustment on the plane and derives global stability conditions for such dynamics. First, we examine the well-known Scarf Example, to obtain and analyze a global stability condition for this case. Next, for a general class of excess demand functions, a set of conditions...
Persistent link: https://www.econbiz.de/10001785602
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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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Global stability conditions on the plane
Mukherji, Anjan - 2003
The paper considers price adjustment on the plane and derives global stability conditions for such dynamics. First, we examine the well-known Scarf Example, to obtain and analyze a global stability condition for this case. Next, for a general class of excess demand functions, a set of conditions...
Persistent link: https://www.econbiz.de/10010332364
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Evolutionary finance
Evstigneev, Igor V.; Hens, Thorsten; Schenk-Hoppé, … - 2008
authors in the theory and applications of evolutionary finance models. An introduction to and the motivation of the modeling … strategies, discusses the relation to the Kelly rule and implications for asset pricing theory, and introduces a continuous …
Persistent link: https://www.econbiz.de/10003961707
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Social Mobility, Inequality of Opportunities and Delinquent Activities : A Theoretical Approach (Movilidad social, desigualdad de oportunidades y actividades delictivas: un enfoque...
Nuñez, Carlos - 2009
social mobility on the crime level. In particular, a general equilibrium model derived from the economic theory of conflict …
Persistent link: https://www.econbiz.de/10014201211
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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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Walras's Law of Markets as Special Case of the General Period Core Theorem
Kakarot-Handtke, Egmont - 2015
From the set of the first three structural axioms follows the Period Core theorem. It asserts that the product of the key ratios, which characterize the firm, the market outcome, and the income distribution, is always equal to unity.The theorem contains only unit-free variables, is testable in...
Persistent link: https://www.econbiz.de/10013035931
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A perfectly competitive economy is an economy without welfare relevant endogenous learning
Nyborg, Karine - 2021
I demonstrate a straightforward but apparently widely unrecognized implication of the standard requirements for perfect competition: an economy in which consumers can choose to learn is generally not perfectly competitive. In particular, if endogenous welfare relevant learning is feasible, the...
Persistent link: https://www.econbiz.de/10012520083
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Disequilibrium Trade in a Large Market for an Indivisible Good
Corchón, Luis C. - 2019
Abstract: Disequilibrium trade can occur in a market lacking both recontracting options and a computational system that maps utilities into prices. This paper studies disequilibrium trade in a large market for an indivisible good. We focus on two issues: the speed of adjustment when arbitrage...
Persistent link: https://www.econbiz.de/10012900933
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Allais' Trading Process and the Dynamic Evolution of a Market Economy
Courtault, Jean-Michel; Tallon, Jean-Marc - 2001
We construct a simple trading process that is based on the maximization, at each stage, of the total distributable surplus. We show that this process converges to a Pareto optimal allocation. Keywords and Phrases: Trading process, Distributable surplus, Benefit function
Persistent link: https://www.econbiz.de/10014150819