On a spontaneous decentralized market process

Satoru Fujishige () and Zaifu Yang
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Satoru Fujishige: Kyoto University, Japan

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
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Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:jmi:articl:jmi-v2i1a1

DOI: 10.22574/jmid.2017.12.001

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