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On a spontaneous decentralized market process

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JournalJournal of mechanism and institution design
DatePublished - Dec 2017
Issue number1
Volume2
Number of pages37
Pages (from-to)1-37
Original languageEnglish

Abstract

We examine a spontaneous decentralized market process widely observed in
real life labor markets. This is a natural random decentralized dynamic competitive
process. We show that this process converges globally and almost surely
to a competitive equilibrium. This result is surprisingly general by assuming
only the existence of an equilibrium. Our findings have also meaningful policy
implications.

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© 2017, The Authors.

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