Evolutionary economics under nonconvexity and externalities

Autor:	Runhao Wang, Jean-Paul Chavas
Rok vydání:	2021
Předmět:	TheoryofComputation_MISCELLANEOUS Microeconomics Economics and Econometrics 0502 economics and business 05 social sciences Economics ComputerApplications_COMPUTERSINOTHERSYSTEMS Evolutionary economics 050207 economics Externality 050205 econometrics
Zdroj:	Oxford Economic Papers. 73:1369-1389
ISSN:	1464-3812 0030-7653
DOI:	10.1093/oep/gpab020
Popis:	This article examines the evolutionary behavior of boundedly rational agents under nonconvexity and externalities. While allowing for technical and allocative inefficiency, we evaluate how producer and consumer behavior can use evolutionary rules that eventually lead to Pareto efficient allocations. We study how markets can support the convergence to efficiency, stressing that externalities and nonconvexity can require nonlinear pricing. In an evolutionary economy, we show how pricing and decentralized decisions can support moves toward Pareto efficiency under bounded rationality, nonconvexity and externalities.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::fe3d3c4a491c04cf3be8bb97ef117185 https://doi.org/10.1093/oep/gpab020 Zobrazit plný text záznamu