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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...

Deskribapen osoa

Gorde:
Xehetasun bibliografikoak
Egile Nagusiak: Papadimitriou, Christos H., Yannakakis, Mihalis
Formatua: Artigo
Hizkuntza:Inglês
Argitaratua: National Academy of Sciences 2010
Gaiak:
Sarrera elektronikoa: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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