The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Rationed Equilibria

  • Jean-Pascal Benassy
Reference work entry
DOI: https://doi.org/10.1057/978-1-349-95189-5_1618

Abstract

Equilibria with rationing, also called non-Walrasian equilibria, are a wide class of equilibrium concepts which generalize the traditional notion of Walrasian equilibrium by allowing markets not to clear (in the traditional sense) and therefore quantity rationing to be experienced. Their scope is best described by examining first Walrasian equilibrium as a reference.

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© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Jean-Pascal Benassy
    • 1
  1. 1.