The Dynamics of General Equilibrium
指出瓦尔拉斯一般均衡模型的动态不稳定性源于价格的公共性质，并证明当价格为私人信息时，经济系统可达到全局稳定的稳态，为理解经济动态提供了新视角。
The Walrasian general equilibrium model is the centrepiece of modern economic theory, but progress in understanding its dynamical properties has been meagre. This article shows that the instability of Walras' tâtonnement process is due to the public nature of prices, which leads to excessive correlation in the behaviour of economic agents. When prices are private information, a dynamic with a globally stable stationary state obtains in economies that are unstable in the tâtonnment process. We provide an agent-based model of a multi-sector Walrasian economy with production and exchange, in which prices are private information. This economy is dynamically well behaved. Copyright 2007 The Author(s). Journal compilation Royal Economic Society 2007.