THE DYNAMIC BEHAVIOUR OF ALTERNATIVE PRICE ADJUSTMENT MECHANISMS
نویسندگان
چکیده
منابع مشابه
An impossibility theorem for price-adjustment mechanisms.
We show that there is no discrete-time price-adjustment mechanism (any process that at each period looks at the history of prices and excess demands and updates the prices) such that for any market (a set of goods and consumers with endowments and strictly concave utilities) the price-adjustment mechanism will achieve excess demands that are at most an epsilon fraction of the total supply withi...
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ژورنال
عنوان ژورنال: The Manchester School
سال: 1983
ISSN: 1463-6786,1467-9957
DOI: 10.1111/j.1467-9957.1983.tb00761.x