STABILITY OF EQUILIBRIUM

William Bryant

Chapter 8 in General Equilibrium:Theory and Evidence, 2009, pp 209-261 from World Scientific Publishing Co. Pte. Ltd.

Abstract: AbstractThe following sections are included:IntroductionSome adjustment processes and their convergence propertiesBasic concepts and ideasClassical tatonnementA stability-information tradeoffDiscrete time adjustment processesSimplical algorithms‘Random’ adjustment processesThe return of ‘special structure’ on excess demandsIndividual characteristics and the law of demandStabilising income effectsStabilising aggregate substitution effectsStability via ‘institutions’: Rader (1996), the Hahn process and modern bankingAgent based price adjustment and experimental results on tatonnementConclusion

Keywords: General Equilibrium; Existence; Uniqueness; Stability; Optimality; Comparative Statics; Empirical Implications (search for similar items in EconPapers)
JEL-codes: O30 (search for similar items in EconPapers)
Date: 2009
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