We examine whether economies constructed using experimentally measured preferences
(for risk) tend to suffer from aggregation pathologies (like nonexistence and multiplicity of …

The main purpose of this study is to present possible causes of the economic crisis in most
European countries considering not only the coronavirus, but mainly the development of …

Previous experimental work demonstrates the power of classical theories of economic
dynamics to accurately characterize equilibration in multiple market systems. Building on the …

We report a continuous-time experiment studying the Burdett-Judd model, whose unique
Nash equilibrium (NE) features dispersed prices. Adaptive dynamics predict that the NE is …

General equilibrium (GE) theory faces several related challenges. Classical theories of out‐
of‐equilibrium adjustment are intuitive but implausibly centralized. Further, standard …

We discuss three processes of price adjustment in an exchange economy, proposed by
Smale (1976), Laan and Talman (1987), and Kamiya (1990), respectively. Under a regularity …

In the simplest (generic) case the fixed point index assigns an index of+ 1 or-1 to each fixed
point of a function or correspondence, and these indices sum to+ 1. If an isolated equilibrium …

This research article develops a dynamic framework for the Walrasian pure exchange
economy and thus extends the static Walrasian general equilibrium theory into a dynamic …

I point out that there is a fundamental difficulty associated with the formal study of dynamic
adjustment processes towards a Nash equilibrium in the context of social and economic …

This paper proposes a price adjustment process that converges globally for a set of pure
exchange economies, in which each agent has a Constant Elasticity of Substitution utility …