Yang, Zaifu orcid.org/0000-0002-3265-7109 and Fujishige, Satoru (2017) On a spontaneous decentralized market process. Journal of mechanism and institution design. pp. 1-37. ISSN 2399-844X
Abstract
We examine a spontaneous decentralized market process widely observed in real life labor markets. This is a natural random decentralized dynamic competitive process. We show that this process converges globally and almost surely to a competitive equilibrium. This result is surprisingly general by assuming only the existence of an equilibrium. Our findings have also meaningful policy implications.
Metadata
Item Type: | Article |
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Authors/Creators: |
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Copyright, Publisher and Additional Information: | © 2017, The Authors. |
Dates: |
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Institution: | The University of York |
Academic Units: | The University of York > Faculty of Social Sciences (York) > Economics and Related Studies (York) |
Depositing User: | Pure (York) |
Date Deposited: | 04 Jan 2018 11:50 |
Last Modified: | 04 Mar 2025 00:05 |
Status: | Published |
Refereed: | Yes |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:125812 |