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An impossibility theorem for price-adjustment mechanisms
We show that there is no discrete-time price-adjustment mechanism (any process that at each period looks at the history of prices and excess demands and updates the prices) such that for any market (a set of goods and consumers with endowments and strictly concave utilities) the price-adjustment mec...
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| Main Authors: | , |
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| Format: | Artigo |
| Jezik: | Inglês |
| Izdano: |
National Academy of Sciences
2010
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| Teme: | |
| Online dostop: | https://ncbi.nlm.nih.gov/pmc/articles/PMC2836636/ https://ncbi.nlm.nih.gov/pubmed/20133833 https://ncbi.nlm.nih.govhttp://dx.doi.org/10.1073/pnas.0914728107 |
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