Market clearing and price formation

B-Tier
Journal: Journal of Economic Dynamics and Control
Year: 2008
Volume: 32
Issue: 3
Pages: 956-977

Authors (2)

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

Considered here is decentralized exchange of privately owned commodity bundles. Voluntary transactions take the form of repeated bilateral barters. Under broad and reasonable hypotheses the resulting process converges to competitive equilibrium. Price-taking behavior is not assumed. Prices emerge over time; they need neither be anticipated nor known at any interim stage.

Technical Details

RePEc Handle
repec:eee:dyncon:v:32:y:2008:i:3:p:956-977
Journal Field
Macro
Author Count
2
Added to Database
2026-01-25