A continuity property for local price adjustment mechanisms (Q1300424)

The local continuity property of local price adjustment mechanisms is discussed. Under some conditions to preferences it is shown that the tatonnement process satisfies the continuity property on a subset of the space of all economies. The characterization of these economies for which the tatonnement process is locally stable is given. The authors essentially used the technique of the theory of fibre spaces which permitted to describe completely the considered systems.