On the Stability of the Competitive Equilibrium II
Опубликовано на портале: 16-03-2005
Econometrica.
1959.
No. 27.
P. 82-109.
Тематический раздел:
This paper is a sequel to "On the Stability of the Competitive Equilibrium, I," by
K. J. Arrow and L. Hurwicz. It extends the results of "I" in several directions.
In particular, it provides a proof of stability in the large (and not merely locally)
when all goods are gross substitutes; this result is found to be valid for processes
where the price adjustment rate is a continuous sign-preserving, but not necessarily
proportionate, function of excess demand. The paper deals both with systems where
one of the commodities plays the role of numeraire and with systems where all commodities
are treated symmetrically.
Доступна: JSTOR
Ключевые слова
competitive equilibrium stability конкурентное равновесие равновесие в условиях свободной конкуренции стабильность
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