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Discrete Walrasian Exchange Process

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.
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https://halshs.archives-ouvertes.fr/halshs-00638196
Contributor : Jean-Marc Bonnisseau <>
Submitted on : Friday, November 4, 2011 - 11:32:25 AM
Last modification on : Tuesday, January 19, 2021 - 11:08:50 AM

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Jean-Marc Bonnisseau, Orntangar Nguenamadji. Discrete Walrasian Exchange Process. Economic Theory, Springer Verlag, 2013, 52 (3), pp.1091-1100. ⟨10.1007/s00199-011-0682-y⟩. ⟨halshs-00638196⟩

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