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dc.contributor.authorAubin, Jean-Pierre
dc.date.accessioned2014-04-29T14:49:48Z
dc.date.available2014-04-29T14:49:48Z
dc.date.issued1981
dc.identifier.urihttps://basepub.dauphine.fr/handle/123456789/13195
dc.language.isoenen
dc.subjectpure exchange economyen
dc.subject.ddc519en
dc.subject.classificationjelC70en
dc.titleA dynamical, pure exchange economy with feedback pricingen
dc.typeArticle accepté pour publication ou publié
dc.description.abstractenThis paper examines a decentralized, dynamical, pure exchange economy in which changes in an individual consumers demand depend on his own consumption and on prices. An ‘instantaneous Walras law’ provides a sufficient condition for the existence of viable exchange trajectories. Such dynamic demand systems might result from goalseeking behavior of the March-Simon type, or when satisfaction of well defined preferences is continually improved through incremental adjustments in consumption. In contrast to Walrasian tâtonnement or Sinale's price adjustment model, prices in the present study follow a feedback control law that responds only to current consumer states. Various generalizations are also presented.en
dc.relation.isversionofjnlnameJournal of Economic Behavior and Organisation
dc.relation.isversionofjnlvol2en
dc.relation.isversionofjnlissue2en
dc.relation.isversionofjnldate1981
dc.relation.isversionofjnlpages95-127en
dc.relation.isversionofdoihttp://dx.doi.org/10.1016/0167-2681(81)90001-9en
dc.relation.isversionofjnlpublisherElsevieren
dc.subject.ddclabelProbabilités et mathématiques appliquéesen
dc.relation.forthcomingnonen
dc.relation.forthcomingprintnonen


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