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Catastrophic Walrasian Equilibrium from the Non-Walrasian Viewpoint: A Three-good Macroeconomic Example

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  • Paul Madden

Abstract

A Walrasian equilibrium is catastrophic from the non-Walrasian viewpoint if some small deviation from the Walrasian prices produces only non-Walrasian equilibrium allocations a long way from the Walrasian allocation. A precise account of this phenomenon is given for a class of three good, single household private ownership production economies.

Suggested Citation

  • Paul Madden, 1982. "Catastrophic Walrasian Equilibrium from the Non-Walrasian Viewpoint: A Three-good Macroeconomic Example," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 49(4), pages 661-667.
    • Handle: RePEc:oup:restud:v:49:y:1982:i:4:p:661-667.
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    File URL: http://hdl.handle.net/10.2307/2297296
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    Cited by:

    1. Geerings, J. & Bollen, L.H.H. & Hassink, H.F.D., 2002. "Investor relations on the internet: a survey in the Euronext zone," Research Memorandum 008, Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR).
    2. P. Jean-Jacques Herings & Herakles Polemarchakis, 2006. "Pareto Improving Price Regulation when the Asset Market is Incomplete," Studies in Economic Theory, in: Christian Schultz & Karl Vind (ed.), Institutions, Equilibria and Efficiency, chapter 12, pages 225-244, Springer.
    3. van der Ploeg, F., 1987. "Rationing in open economy and dynamic macroeconomics : A survey," Other publications TiSEM fd411b51-f487-4dde-a0e9-6, Tilburg University, School of Economics and Management.

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