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Catastrophic Walrasian Equilibrium from the Non-Walrasian Viewpoint: A Three-Good Macroeconomic Example

Paul Madden

University of Manchester

Review of Economic Studies 1982

A Walrasian equilibrium is catastrophic from the non-Walrasian viewpoint if some small deviation from the Walrasian prices produces only non-Walrasian equilibrium allocations a long way from the Walrasian allocation. A precise account of this phenomenon is given for a class of three good, single household private ownership production economies.

DOI
10.2307/2297296
Volume
49 (4)
Pages
661
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