On convergence of contractual trajectories in pure exchange economies

Valeri Marakulin ()

EERC Working Paper Series from EERC Research Network, Russia and CIS

Abstract: The study is aimed to investigate the convergence to equilibrium of trajectories generated by contractual processes. “Contractual process” is a view on economy’s self-regulation, describing any state of exchange economy as a set of barter contracts among agents/coalitions. It is assumed that any moment of continuous time agents can partially break some contracts and sign more beneficial ones. Such reconstructing is called “benevolent”, when an agent/coalition breaks old contracts only when exhausting all other opportunities to increase welfare. Such processes are shown to con-verge to equilibrium under reasonable conditions, whereas non-benevolent processes need not converge, as shown by series of examples.

Keywords: Russia; core; contract; contractual allocation; contractual process (trajectory); tatonnement; competitive equilibrium (search for similar items in EconPapers)
JEL-codes: C62 D51 (search for similar items in EconPapers)
Date: 2006-12-18
View list of references

Downloads: (external link)
http://www.eerc.ru/details/download.aspx?file_id=12692 (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: http://EconPapers.repec.org/RePEc:eer:wpalle:06-07e

Ordering information: This working paper can be ordered from
EERC Research Network, Russia and CIS, 47, Nakhimovsky pr-t, suite 919, Moscow, 117418 Russia
http://www.eerc.ru/p ... riptions/default.htm

Access Statistics for this paper

More papers in EERC Working Paper Series from EERC Research Network, Russia and CIS
Address: EERC Research Network, Russia and CIS, 47, Nakhimovsky pr-t, suite 919, Moscow, 117418 Russia
Series data maintained by Dmitry Basovsky (). This e-mail address is bad, please contact .