On convergence of contractual trajectories in pure exchange economies

Valeriy 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
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Citations: View citations in EconPapers (2)

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