Discrete Walrasian exchange process

B-Tier
Journal: Economic Theory
Year: 2013
Volume: 52
Issue: 3
Pages: 1091-1100

Authors (2)

Jean-Marc Bonnisseau (Paris School of Economics) Orntangar Nguenamadji (not in RePEc)

Score contribution per author:

1.005 = (α=2.01 / 2 authors) × 1.0x B-tier

α: calibrated so average coauthorship-adjusted count equals average raw count

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. Copyright Springer-Verlag 2013

Technical Details

RePEc Handle
repec:spr:joecth:v:52:y:2013:i:3:p:1091-1100
Journal Field
Theory
Author Count
2
Added to Database
2026-01-24