The Dynamics of General Equilibrium
Bibliographic Data
| ID | 9720543 |
|---|---|
| Authors | Herbert Gintis (corresponding author) |
| Year | 2007 |
| Volume | 117 |
| Issue | 523 |
| Pages | 1280-1309 |
| Publication date | 2007-10-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | The Economic Journal (JOURNAL) |
| Journal identifiers | ISSN: 0013-0133 • E-ISSN: 1468-0297 |
| Publisher | Oxford University Press (OUP) (PUBLISHER) |
| DOI | 10.1111/j.1468-0297.2007.02083.x |
| OpenAlex | W2159710815 |
| Language | EN |
| Citations received | 13 |
| References cited | 35 |
The Walrasian general equilibrium model is the centrepiece of modern economic theory, but progress in understanding its dynamical properties has been meagre. This article shows that the instability of Walras' tâtonnement process is due to the public nature of prices, which leads to excessive correlation in the behaviour of economic agents. When prices are private information, a dynamic with a globally stable stationary state obtains in economies that are unstable in the tâtonnment process. We provide an agent-based model of a multi-sector Walrasian economy with production and exchange, in which prices are private information. This economy is dynamically well behaved. Copyright 2007 The Author(s). Journal compilation Royal Economic Society 2007
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| Unique citing works | 13 |
|---|---|
| Citations per year | 0,68 |
| Citation span | 2007 - 2024 (18) |
| Citation velocity | recent |
| Highly cited | No |
| Citation types | Neutral: 13 |