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Evolution of viable allocations

Aubin, Jean-Pierre (1991), Evolution of viable allocations, Journal of Economic Behavior and Organization, 16, 1-2, p. 183-215. http://dx.doi.org/10.1016/0167-2681(91)90048-3

Type
Article accepté pour publication ou publié
Date
1991
Journal name
Journal of Economic Behavior and Organization
Volume
16
Number
1-2
Publisher
Elsevier
Pages
183-215
Publication identifier
http://dx.doi.org/10.1016/0167-2681(91)90048-3
Metadata
Show full item record
Author(s)
Aubin, Jean-Pierre
Abstract (EN)
The decentralized evolution of allocations of resources among consumers described by their change functions is characterized by a regulation rule associating with each allocation the subset prices regulating them. Sufficient budgetary conditions, analogous to the Walras law, for the viability of such evolutions are then provided. Next, the issue of finding feedback controls is tackled: Conditions under which slow evolutions are given. More to the point, dynamical feedback controls obeying the inertia principle are provided: Prices are changed only when the viability of the evolution mechanism is at stake. We then derive the differential equations governing the heavy evolution of prices: For a given bound on inflation rates, the price evolves with minimal velocity.
Subjects / Keywords
allocations of resources; Price evolution

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