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- Title
On Price Adjustment without an Auctioneer.
- Authors
Fisher, Franklin M.
- Abstract
The present paper extends that analysis (with some alterations) to the case of general equilibrium in an exchange economy. A stability theorem is proved with prices still under the control of real rather than invisible participants. Interest centres not on the details of proof (indeed, I have borrowed much of the apparatus from Arrow and Hahn) but on the construction of a model without an auctioneer. While that model is still pretty unrealistic and involves some strong assumptions, I believe it to be the case that some of the assumptions common to the present model and to the analysis of what Negishi has termed the "Hahn process" are more natural in the present context than in the original. Despite the additional assumptions which I have been forced to make, therefore, I hope this paper will be regarded as an attempt at playing Hamlet without the Prince of Norway.
- Subjects
PRICING; ECONOMIC equilibrium; MARKET equilibrium; ECONOMIC models; EXCHANGE; COMMERCE; ECONOMICS education
- Publication
Review of Economic Studies, 1972, Vol 39, Issue 1, p1
- ISSN
0034-6527
- Publication type
Article
- DOI
10.2307/2296439