Accession Number:

AD0248548

Title:

ON THE STABILITY OF A COMPETITIVE BARTER PROCESS

Descriptive Note:

Corporate Author:

STANFORD UNIV CA APPLIED MATHEMATICS AND STATISTICS LABS

Personal Author(s):

Report Date:

1960-11-30

Pagination or Media Count:

1.0

Abstract:

Edgeworths barter process consists of successive barters between individuals according to their preferences and budgetary restraints. At each stage of the barter process, each individual transacts whenever he becomes better off by trading and, in the competitive case, the quantity of a commodity in exchange for the unit quantity of a standard commodity rises or falls according to whether or not the aggregate demand for that commodity exceeds the aggregate supply. The Edgeworths barter process is shown to be overALWAYS GLOBALLY STABLE, PROVIDED THE PROCESS HAS A POSITIVE SOLUTION STARTING WITH AN ARBITRARY POSITIVE INITIAL DISTRIBUTION. Author

Subject Categories:

Distribution Statement:

APPROVED FOR PUBLIC RELEASE