Competitive Equilibrium: Walras Meets Darwin

Sjur Flåm and Bjørn Sandvik ()

Norway; Department of Economics, University of Bergen from Department of Economics, University of Bergen

Abstract: Prime objects of this note are (I) excess demand generated by price-taking economic agents, and (II) an alternative version of tatonnement. We relate laws of demand, axioms of revealed preferences, and other notions of generalized monotonicity to "evolutionary stable" prices. Focus is on local stability of competitive equilibrium. Specifically, we establish that evolutionary stable prices are asymptotically attractive under so-called replicator dynamics.

Keywords: ECONOMETRICS; MATHEMATICAL ANALYSIS; GENERAL EQUILIBRIUM (search for similar items in EconPapers)
JEL-codes: C62 D50 (search for similar items in EconPapers)
Pages: 14 pages
Date: 1999
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Citations: View citations in EconPapers (2)

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Working Paper: Competitive Equilbrium: Walras Meets Darwin (2000)
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Persistent link: https://EconPapers.repec.org/RePEc:fth:bereco:0699

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