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- W3124960856 abstract "This paper studies an exchange economy with indivisibilities. Our main goal is to see if a price system can function well in an economy (e.g., an economy with complementary preferences) that does not have a Walrasian equilibrium. We study the price adjustment processes governed by the Euler iterative scheme. We show that in an economy that has a Walrasian equilibrium, our price adjustment processes have a common uniform limit that is unique and converges to a Walrasian equilibrium price vector in finite time. Surprisingly, in an economy that does not have a Walrasian equilibrium, our price adjustment processes also have a common uniform limit that is unique and converges to a market equilibrium price vector in finite time. Moreover, market equilibrium prices coincide with Walrasian equilibrium ones in an economy that has a Walrasian equilibrium. Further, there are no prices other than the Walrasian or market equilibrium ones that have such a property of global stability." @default.
- W3124960856 created "2021-02-01" @default.
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- W3124960856 date "2002-01-01" @default.
- W3124960856 modified "2023-09-27" @default.
- W3124960856 title "Walrasian Equilibrium in an Exchange Economy with Indivisibilities" @default.
- W3124960856 hasPublicationYear "2002" @default.
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