On a spontaneous decentralized market process
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...
| Main Authors: | , |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
Society for the Promotion of Mechanism and Institution Design
2017-12-01
|
| Series: | Journal of Mechanism and Institution Design |
| Subjects: | |
| Online Access: |
http://www.mechanism-design.org/arch/v002-1/p_01.pdf
|