Discrete Walrasian exchange process

Jean-Marc Bonnisseau and Orntangar Nguenamadji ()

Economic Theory, 2013, vol. 52, issue 3, 1100 pages

Abstract: In an exchange economy, we define a discrete exchange process, which is Walrasian, since the trades are determined by the equilibrium allocation of the local equilibrium. We prove that this process attains a Pareto optimal allocation after a finite number of steps and the local equilibrium price then supports the Pareto optimal allocation. Furthermore, along the process, the allocation remains feasible and the utility of each consumer is non-decreasing. Copyright Springer-Verlag 2013

Keywords: Exchange process; Walrasian equilibrium; Local equilibrium; Pareto optimum; C62; D50; D62 (search for similar items in EconPapers)
Date: 2013
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Related works:
Working Paper: Discrete Walrasian Exchange Process (2013)
Working Paper: Discrete Walrasian Exchange Process (2013)
Working Paper: Discrete Walrasian Exchange Process (2013)
Working Paper: Discrete Walrasian Exchange Process (2009)
Working Paper: Discrete Walrasian Exchange Process (2009)
Working Paper: Discrete Walrasian exchange process (2009)
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DOI: 10.1007/s00199-011-0682-y

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