The Econometric SocietyEdited by: Guido W. Imbens • Print ISSN: 0012-9682 • Online ISSN: 1468-0262
Econometrica: Sep, 1978, Volume 46, Issue 5
https://doi.org/0012-9682(197809)46:5<1097:EPM>2.0.CO;2-L
p. 1097-1125
Carl P. Simon, Donald G. Saari
It is known that the price mechanism whereby the rate of change of a price is proportional to the excess demand of the corresponding commodity need not converge to a competitive equilibrium for a pure exchange economy with more than two commodities. On the other hand, there exist convergent price mechanisms, similar to the Newton iterative process, where the rate of change of the prices is determined by the excess demand and the marginal excess demands of all the commodities. This is a considerable informational requirement. It is shown that this requirement cannot be substantially reduced for any convergent price mechanisms, that is for price mechanisms expressed in terms of a difference or differential equation where the solutions converge to a competitive equilibrium.
March 5, 2024
The terms of the Editors of the Econometric Society's three journals end June 30, 2025. We are pleased to announce the incoming Editors and to thank the outgoing Editors for their excellent and continuing service.
Econometrica: Since 2019, Guido Imbens has served as the 14th Editor of Econometrica. On July 1, 2025, Marina Halac will become the Editor.
Quantitative Economics: Stéphane Bonhomme has been the Editor of Quantitative Economics since 2021. His successor will be Bernard Salanié.
Theoretical Economics: The Editor of Theoretical Economics since 2021 has been Simon Board. Taking over for him in July 2025 will be Federico Echenique.
Guido, Stéphane, and Simon have been outstanding Editors. We are grateful to them for the work they have done and will continue to do, and we look forward to further congratulating them next year. We believe Marina, Bernard, and Federico will be outstanding successors and we thank them in advance for their service.
Finally, we are grateful to Larry Samuelson for chairing all three search committees, and we thank the search committee members for their hard and fruitful work:
Econometrica: Christian Dustmann, Lars Hansen, Alessandro Lizzeri, George Mailath, Ariel Pakes, Helene Rey, and Elie Tamer.
QE: Kate Ho, Michael Keane, Felix Kubler, Whitney Newey, and Frank Schorfheide.
TE: Jeff Ely, Johannes Horner, Gilat Levy, Meg Meyer, and Ran Spiegler.
