Continuous adjustments and Smale’s non-tâtonnement processes

Chaowen Yu and Yuhki Hosoya

Journal of Mathematical Economics, 2022, vol. 100, issue C

Abstract: In this study, we investigate the stability of the set of equilibria under non-tâtonnement processes formulated by Smale, and show that under a natural assumption named “continuous adjustment”, every nonextendable non-tâtonnement process converges to some point in the set of equilibria. Moreover, we show that such a process can be constructed.

Keywords: Non-tâtonnement process; Responsiveness to transaction costs; Continuous adjustment; Equilibrium; Stability (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:eee:mateco:v:100:y:2022:i:c:s0304406821001683

DOI: 10.1016/j.jmateco.2021.102619

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