Discrete Walrasian Exchange Process

Jean-Marc Bonnisseau and Orntangar Nguenamadji ()
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Orntangar Nguenamadji: CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement

Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) from HAL

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.

Keywords: Exchange process; Walrasian equilibrium; local equilibrium; Pareto optimum (search for similar items in EconPapers)
Date: 2013-04
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Published in Economic Theory, 2013, 52 (3), pp.1091-1100. ⟨10.1007/s00199-011-0682-y⟩

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Related works:
Journal Article: 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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Persistent link: https://EconPapers.repec.org/RePEc:hal:cesptp:halshs-00638196

DOI: 10.1007/s00199-011-0682-y

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