Abstract
An economic equilibrium concept describes a relationship between the endogenous variables and the exogenous parameters of the economic environment. Competitive pure trade equilibrium, for example, relates prices and net trade profiles to profiles of trader preferences and endowments. Most research on economic equilibrium concepts has been directed toward proving existence and establishing the optimality, incentive-compatibility, or other characteristic properties of the equilibria. However, since economic models are intended to elucidate real phenomena, it is also important to determine whether, and how, an equilibrium could be brought about.
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Jordan, J.S. (1995). Information Flows Intrinsic to the Stability of Economic Equilibrium. In: Ledyard, J.O. (eds) The Economics of Informational Decentralization: Complexity, Efficiency, and Stability. Springer, Boston, MA. https://doi.org/10.1007/978-1-4615-2261-4_1
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DOI: https://doi.org/10.1007/978-1-4615-2261-4_1
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