The Edgeworth Barter Process

Part of the Lecture Notes in Economics and Mathematical Systems book series (LNE, volume 158)


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.


Utility Function Price Mechanism Price Vector Price Rule Free Disposal 
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Copyright information

© Springer-Verlag Berlin Heidelberg 1978

Authors and Affiliations

  1. 1.Modelling Research Group, Department of EconomicsUniversity of Southern CaliforniaUniversity Park, Los AngelesUSA

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