| Article ID | Journal | Published Year | Pages | File Type |
|---|---|---|---|---|
| 5099420 | Journal of Economic Dynamics and Control | 2008 | 22 Pages |
Abstract
Considered here is decentralized exchange of privately owned commodity bundles. Voluntary transactions take the form of repeated bilateral barters. Under broad and reasonable hypotheses the resulting process converges to competitive equilibrium. Price-taking behavior is not assumed. Prices emerge over time; they need neither be anticipated nor known at any interim stage.
Related Topics
Physical Sciences and Engineering
Mathematics
Control and Optimization
Authors
S.D. Flåm, O. Godal,