Stability of the edgeworth process with firms but no production

Fernando M.C.B. Saldanha

Brazilian Review of Econometrics, 1986, vol. 6, issue 1

Abstract: In this paper an Edgeworth Process for economies with firmsis defined, and its stability is proved. The process constrains trade to occur if and only if there is, at the given prices, a trade that increases the sum of utilities and profits without decreasing the utility of a household or the profits of a firm. A proof of convergence of prices to an equilibrium price vector is provided.

Date: 1986
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