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Continuous adjustments and Smale’s non-tâtonnement processes

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  • Yu, Chaowen
  • Hosoya, Yuhki

Abstract

In this study, we investigate the stability of the set of equilibria under non-tâtonnement processes formulated by Smale, and show that under a natural assumption named “continuous adjustment”, every nonextendable non-tâtonnement process converges to some point in the set of equilibria. Moreover, we show that such a process can be constructed.

Suggested Citation

  • Yu, Chaowen & Hosoya, Yuhki, 2022. "Continuous adjustments and Smale’s non-tâtonnement processes," Journal of Mathematical Economics, Elsevier, vol. 100(C).
    • Handle: RePEc:eee:mateco:v:100:y:2022:i:c:s0304406821001683
    DOI: 10.1016/j.jmateco.2021.102619
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    References listed on IDEAS

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