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The Edgeworth Barter Process

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

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.

Keywords

Utility Function Price Mechanism Price Vector Price Rule Free Disposal 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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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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