A globally and universally stable price adjustment process
| العنوان: | A globally and universally stable price adjustment process |
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| المؤلفون: | P. Jean-Jacques Herings |
| المصدر: | Tilburg University-PURE Scopus-Elsevier |
| بيانات النشر: | Elsevier BV, 1997. |
| سنة النشر: | 1997 |
| مصطلحات موضوعية: | Economics and Econometrics, General equilibrium theory, Applied Mathematics, media_common.quotation_subject, Boundary (topology), Price system, Walrasian auction, Demand curve, Economics, PRICE Systems, Excess demand function, Function (engineering), Mathematical economics, media_common |
| الوصف: | At least since Walras (1874), economists have been interested in the problem of finding a price adjustment process that generates, for a given economy and an arbitrarily specified starting price system, a path of price systems converging to a price system at which the total excess demand is equal to zero. In Section 3.12 it has been shown that the classical Walrasian tatonnement process may fail to converge if some rather restrictive assumptions on the economy are not satisfied. Therefore, it is interesting to look for alternative price adjustment processes that reach a Walrasian equilibrium price system given any total excess demand function, i.e. any function defined for strictly positive price systems, satisfying homogeneity of degree zero, Walras’ law, continuity, and some boundary behaviour, see Theorems 3.7.1, 3.7.2, and 3.11.1. These conditions are the only properties that may be expected for the total excess demand function of an economy, see Theorem 3.13.1. |
| تدمد: | 0304-4068 |
| الوصول الحر: | https://explore.openaire.eu/search/publication?articleId=doi_dedup___::62a4c807f593d9df96afdecd79b7d260Test https://doi.org/10.1016/s0304-4068Test(96)00770-7 |
| حقوق: | CLOSED |
| رقم الانضمام: | edsair.doi.dedup.....62a4c807f593d9df96afdecd79b7d260 |
| قاعدة البيانات: | OpenAIRE |
| تدمد: | 03044068 |
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