Getting to a Competitive Equilibrium
如何达到竞争均衡
A random price adjustment model is developed for an exchange economy which is decentralized in that the trades permitted to an agent and the resulting price changes depend only on the commodity vector currently held by that agent, and not on the whole economy. We obtain asymptotic results as the number of agents goes to infinity, subject to stability assumptions on the price paths. With probability arbitrarily close to one the price path in our model will approximate the…