On disequilibrium adjustment processes |
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Authors: | Yieh Hei Wan |
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Institution: | State University of New York, Buffalo, NY 14214, USA |
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Abstract: | Here, we study a class of disequilibrium processes defined by differential inequalities, where prices are adjusted according to the agent's short-term demands, in both pure exchange and monetary settings. We establish convergence theorem and accessibility theorem without convexity hypotheses on the utility functions. |
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