Stability of the Market Economy in the Presence of Diverse Economic Agents

Material type: 文書・図像類

Author: Mukherji, Anjan

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Publication date: 2010-03-01

Material Format: Digital

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Note (General)：: The stability of market economy is defined and stability conditions deduced which do not appear to restrict preferences in any significant manner. Thi...

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Material Type: 文書・図像類
Title: Stability of the Market Economy in the Presence of Diverse Economic Agents
Author/Editor: Mukherji, Anjan
Author Heading: Mukherji, Anjan
Publication Date: 2010-03-01
Publication Date (W3CDTF): 2010-03-01
No. or year of volume/issue: Working Paper;8
Volume: Working Paper;8
Text Language Code: eng
Subject Heading: Stability of equilibrium
diverse preferences
redistribution of resources
rank condition
incentives for competitive transactions
Target Audience: 一般
Note (General): The stability of market economy is defined and stability conditions deduced which do not appear to restrict preferences in any significant manner. This assumes importance when considering economies where diversity among agents is known to exist. It is shown that if a condition on the rank of the Jacobian matrix of the excess demand functions at equilibria is satisfied then equilibria will be locally asymptotically stable. When this condition is not met, it is shown how redistributing resources may lead to stable competitive equilibrium. It is also shown how instead of imposing credible penalties, which may cause significant incentive problems, redistributing resources may serve to provide the correct incentives to agents who otherwise might have contributed to market failure.
DOI: 10.18884/00000608
Access Restrictions: 限定公開
Data Provider (Database): 国立情報学研究所 : 学術機関リポジトリデータベース（IRDB）（機関リポジトリ）
https://irdb.nii.ac.jp
Original Data Provider (Database): 独立行政法人国際協力機構 : JICA RI リポジトリ