EconPapers    
Economics at your fingertips  
 

On a spontaneous decentralized market process

Satoru Fujishige () and Zaifu Yang ()
Additional contact information
Satoru Fujishige: Kyoto University, Japan
Zaifu Yang: University of York, United Kingdom

The Journal of Mechanism and Institution Design, 2017, vol. 2, issue 1, 1-37

Abstract: We examine a spontaneous decentralized market process widely observed in real life labor markets. This is a natural random decentralized dynamic competitive process. We show that this process {\it converges globally and almost surely} to a competitive equilibrium. This result is surprisingly general by assuming only the existence of an equilibrium. Our findings have also meaningful policy implications.

Keywords: Spontaneous market process; decentralized market; competitive equilibrium. (search for similar items in EconPapers)
JEL-codes: C71 C78 D02 D44 D58 (search for similar items in EconPapers)
Date: 2017
References: View references in EconPapers View complete reference list from CitEc
Citations Track citations by RSS feed

Downloads: (external link)
http://www.mechanism-design.org/arch/v002-1/p_01.pdf (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: https://EconPapers.repec.org/RePEc:jmi:articl:jmi-v2i1a1

Access Statistics for this article

More articles in The Journal of Mechanism and Institution Design from Society for the Promotion of Mechanism and Institution Design, University of York Contact information at EDIRC.
Series data maintained by Paul Schweinzer ().

 
Page updated 2017-12-30
Handle: RePEc:jmi:articl:jmi-v2i1a1