On Equilibrium in Graham's Model of World Trade and Other Competitive Systems.

McKenzie, L. W. (1954). On Equilibrium in Graham's Model of World Trade and Other Competitive Systems. Econometrica, 22(2), 147-161.

Type

Journal article

Intellectual base

Primary research

Year

1954

Link

https://www.jstor.org/stable/1907539

Cited from

economics_finance

Cited by

2 citations across 2 artifacts.

Primes

• Price Mechanism
  • … Smith (1962) showing that even small groups of human traders converge on competitive equilibrium in controlled double auctions. The modern formalization is Arrow and Debreu's 1954 Econometrica paper on existence of a competitive equilibrium (McKenzie's independent 1954 Econometrica proof is conventionally co-cited

Domain-specific

• Competitive Equilibrium
  • Production economy. Firms maximize profit, households choose consumption using endowment and profit income, and product/factor markets clear.

Verification

This reference passed the adversarial substantiation pipeline: it was checked to exist and to support the claim it is attached to. See how references were verified.

Registry ID ref:b488e1e0aa8d · see in the full table