DOAJ Open Access 2017

On a spontaneous decentralized market process

Satoru Fujishige Zaifu Yang

Lihat Sumber DOI

Abstrak

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 by assuming only the existence of an equilibrium. Our findings have also meaningful policy implications.

Topik & Kata Kunci

Political institutions and public administration (General) Economic theory. Demography

Penulis (2)

Satoru Fujishige

Zaifu Yang

Format Sitasi

APA MLA BibTeX

Fujishige, S., Yang, Z. (2017). On a spontaneous decentralized market process. https://doi.org/10.22574/jmid.2017.12.001

Akses Cepat

Lihat di Sumber doi.org/10.22574/jmid.2017.12.001

Informasi Jurnal

Tahun Terbit: 2017
Sumber Database: DOAJ
DOI: 10.22574/jmid.2017.12.001
Akses: Open Access ✓