Convergence of Non-Normalized Iterative Tâtonnement
نویسنده
چکیده
Global convergence conditions for iterative tâtonnement with the additional requirements that prices stay strictly positive and their changes are bounded are given and convergence is shown when the excess demand function has the gross substitute property and curves appropriately around the equilibrium. Furthermore, this paper introduces a new, second order, form of the weak axiom of revealed preferences; a condition which also implies convergence. It is shown that this condition holds when the excess demand function is strongly monotone.
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