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A Theorem on Non-Tâtonnement Stability
Frank H. Hahn and Takashi Negishi
Vol. 30, No. 3 (Jul., 1962), pp. 463-469
Published by: The Econometric Society
Stable URL: http://www.jstor.org/stable/1909889
Page Count: 7
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This paper investigates an adjustment process for a pure exchange economy out of equilibrium, when trading is allowed at non-equilibrium prices. The "trading rule" postulated is that if a good is in excess demand at the going prices then trading ensures that no one will hold more of that good than he desires and vice versa when there is excess supply. An example of this mechanism is provided. It is shown that the system approaches an equilibrium.
Econometrica © 1962 The Econometric Society