Competitive Equilbrium: Walras Meets Darwin

Sjur Flåm and B. Snadvik

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: ECONOMIC EQUILIBRIUM; COMPETITION; MATHEMATICAL ANALYSIS (search for similar items in EconPapers)
JEL-codes: C62 D50 (search for similar items in EconPapers)
Pages: 16 pages
Date: 2000
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Working Paper: Competitive Equilibrium: Walras Meets Darwin (1999)
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Persistent link: https://EconPapers.repec.org/RePEc:fth:bereco:209

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