Diagonal dominance and global stability

Donald Keenan and Taewon Kim

Mathematical Social Sciences, 2013, vol. 65, issue 3, 217-221

Abstract: We show that a natural weakening of diagonal dominance resolves the incompatibility of its standard formulation with the tatonnement of competitive market economies in the presence of either zero-degree homogeneity or Walras’ Law. It thus yields global stability of such unnormalized tatonnement, in addition to normalized tatonnement, just as do the WARP and gross-substitutes conditions of economic theory.

Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:eee:matsoc:v:65:y:2013:i:3:p:217-221

DOI: 10.1016/j.mathsocsci.2012.11.006

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