The Econometric SocietyEconometrica: Jul 1974, Volume 42, Issue 4
Equilibrium and Stability
https://doi.org/0012-9682(197407)42:4<705:EAS>2.0.CO;2-0
p.
705-716
M. G. Allingham
This paper presents a model of an economy in which the formation of equilibrium is completely explained by the independent optimizing behavior of individual agents, and thus reformulates the concept of equilibrium in a way which is essentially related to that of stability.Log In To View Full Content