Accession Number : AD0248548

Title :   ON THE STABILITY OF A COMPETITIVE BARTER PROCESS

Corporate Author : STANFORD UNIV CA APPLIED MATHEMATICS AND STATISTICS LABS

Personal Author(s) : UZAWA, HIROFUMI

Report Date : 30 NOV 1960

Pagination or Media Count : 1

Abstract : Edgeworth's 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 Edgeworth's barter process is shown to be (over)ALWAYS GLOBALLY STABLE, PROVIDED THE PROCESS HAS A POSITIVE SOLUTION STARTING WITH AN ARBITRARY POSITIVE INITIAL DISTRIBUTION. (Author)

Descriptors :   *SCHEDULING, *STATISTICAL PROCESSES, ECONOMICS, MATHEMATICAL ANALYSIS, STABILITY.

Distribution Statement : APPROVED FOR PUBLIC RELEASE