Econometrica: Jul 1974, Volume 42, Issue 4

Equilibrium and Stability

https://doi.org/0012-9682(197407)42:4<705:EAS>2.0.CO;2-0
p. 705-716

M. G. Allingham

This paper presents a model of an economy in which the formation of equilibrium is completely explained by the independent optimizing behavior of individual agents, and thus reformulates the concept of equilibrium in a way which is essentially related to that of stability.

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