Abstract
Non-tatonnement models are constructed in order to take advantage of an obvious Liapunov function — the sum of the utilities of the bartering agents. The presence of this function allows a theory to be developed in which barterers actually trade, thereby changing their endowment of commodities over time. Under additional restrictions, the set of Pareto optima is shown to exhibit certain stability properties.
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© 1978 Springer-Verlag Berlin Heidelberg
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Cherene, L.J. (1978). The Edgeworth Barter Process. In: Set Valued Dynamical Systems and Economic Flow. Lecture Notes in Economics and Mathematical Systems, vol 158. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-45504-9_4
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DOI: https://doi.org/10.1007/978-3-642-45504-9_4
Publisher Name: Springer, Berlin, Heidelberg
Print ISBN: 978-3-540-08847-9
Online ISBN: 978-3-642-45504-9
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