Equilibrium selections

Beth Allen, Jayasri Dutta () and Heraklis M. Polemarchakis

No 90, Discussion Paper / Institute for Empirical Macroeconomics from Federal Reserve Bank of Minneapolis

Abstract: This paper studies the outcome of fully insured random selections among multiple competitive equilibria. This defines an iterative procedure of reallocation which is Pareto improving at each step. The process converges to a unique Pareto optimal allocation in finitely many steps. The key requirement is that random selections be continuous, which is a generic condition for smooth exchange economies with strictly concave utility functions.

Keywords: Prices (search for similar items in EconPapers)
Date: 1994
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Citations: View citations in EconPapers (4)

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Working Paper: Equilibrium Selections (1994)
Working Paper: Equilibrium Selections (1994)
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