Quality of local equilibria in discrete exchange economies

Daniel Lehmann

Journal of Mathematical Economics, 2020, vol. 88, issue C, 141-152

Abstract: This paper defines the notion of a local equilibrium of quality (r,s), 0≤r,s, in a discrete exchange economy: a partial allocation and item prices that guarantee certain stability properties parametrized by the numbers r and s. The quality (r,s) measures the fit between the allocation and the prices: the larger r and s the closer the fit. For r,s≤1 this notion provides a graceful degradation for the conditional equilibria of Fu, Kleinberg and Lavi (2012) which are exactly the local equilibria of quality (1,1). For 1Keywords: Discrete exchange economies; Local equilibria; Item prices (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:eee:mateco:v:88:y:2020:i:c:p:141-152

DOI: 10.1016/j.jmateco.2020.03.012

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