论文信息 - On Convergence of the Sequential Joint Maximization Method for Applied Equilibrium Problems

On Convergence of the Sequential Joint Maximization Method for Applied Equilibrium Problems

The convergence of the sequential joint maximizationmethod (Rutherford [10]) for searching economic equilibria is studied in the case of Cobb-Douglas utility functions. It is shown that convergence is closely related to the behavior of certain inhomogeneous Markov chains. In particular, convergence takes place if each good is either produced or available in the economy.

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