Stability, Disequilibrium Awareness, and the Perception of New Opportunities
构建了一个一般均衡稳定性模型，其中经济主体意识到自己处于非均衡状态，并预期价格变化及交易约束。研究表明，持续感知到先前未预见的新机会是导致不稳定的必要条件，否则系统将收敛于均衡。
This paper presents a model of general equilibrium stability in which agents understand that they are not at equilibrium. Rather, agents expect prices to change and contemplate the possibility that they may not be able to complete their own transactions. They optimize their actions taking account of such price changes and transaction constraints. It is shown that a necessary condition for instability is the continuing perception of new, previously unforeseen opportunities (real or imagined). Without this, old opportunities will be arbitraged away and the system will converge to equilibrium. The equilibrium approached will depend on the history of the system and may not be Walrasian if transaction constraints are present.