Exchange economy

Exchange economy is technical term used in microeconomics research to describe interaction between several agents. Each agent brings his/her own endowment, and they can exchange products among them based on a price system. Two types of exchange economy are studied:

A major interesting question regarding an exchange economy is if and when the economy attains a competitive equilibrium.

See also

References

  1. Varian, Hal (1992). Microeconomic Analysis (Third ed.). New York: Norton. ISBN 0393957357.
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