On a spontaneous decentralized market process

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...

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Bibliographic Details
Main Authors:	Satoru Fujishige, Zaifu Yang
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:	Spontaneous market process decentralized market competitive equilibrium
Online Access:	http://www.mechanism-design.org/arch/v002-1/p_01.pdf

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