Queue-Rationing and Price Dynamics
研究在重复交换经济中，非瓦尔拉斯价格下通过排队配给供需，证明存在均衡排队时间向量使所有市场出清，并分析价格对排队时间响应的稳定性条件。
The setting is a repeated exchange economy with nonstorable commodit ies. Waiting line queues ration supply and demand at non-Walrasian pr ices. An equilibrium vector of queue times is shown to exist such tha t all markets clear. Prices are adjusted in response to observed queu e times. In contrast to traditional tatonnement theory, individuals behave rationally, trade, and consume throughout the process. If a Wa lrasian equilibrium is noncritical and has "gross substitute queue t imes," then the process is locally asymptotically stable. Alternativ e stability conditions are also derived. Copyright 1987 by The editors of the Scandinavian Journal of Economics.