Closing the invisible hand: a rehabilitation of tâtonnement dynamics
Arguments are made that, for a typical economy, with many goods and consumers, classical tâtonnement dynamics results in a unique, globally stable equilibrium. Since global stability implies uniqueness of equilibrium, these kinds of results complete the positive general equilibrium program classical...
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| Veröffentlicht in: | Journal of economic interaction and coordination 2022-07, Vol.17 (3), p.681-711 |
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| container_end_page | 711 |
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| container_title | Journal of economic interaction and coordination |
| container_volume | 17 |
| creator | Keenan, Donald C. Kim, Taewon |
| description | Arguments are made that, for a typical economy, with many goods and consumers, classical tâtonnement dynamics results in a unique, globally stable equilibrium. Since global stability implies uniqueness of equilibrium, these kinds of results complete the positive general equilibrium program classically put forward in favor of the invisible hand. Such stability is demonstrated for economies with consumers having preferences drawn from the
CES
family, and similar results are reported when the preferences are chosen, instead, to be of the indirect addilog form. |
| doi_str_mv | 10.1007/s11403-021-00340-7 |
| format | Article |
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CES
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| ispartof | Journal of economic interaction and coordination, 2022-07, Vol.17 (3), p.681-711 |
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| language | eng |
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| source | SpringerLink Journals - AutoHoldings |
| subjects | Computer Appl. in Social and Behavioral Sciences Consumers Economic policy Economic theory Economic Theory/Quantitative Economics/Mathematical Methods Economics Economics and Finance Economists Equilibrium Finance Humanities and Social Sciences Mathematical and Computational Physics Prices Regular Article Rehabilitation Systems stability Theoretical |
| title | Closing the invisible hand: a rehabilitation of tâtonnement dynamics |
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