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Automaton and group structures in certain economic adjustment mechanisms. (English) Zbl 0535.90026

Summary: It is shown that the economic adjustment mechanism developed by Hurwicz and his associates has the structure of automata. It is then shown that certain price adjustment mechanisms, having an acceptability condition, impose a group structure upon the automaton. This condition is a bilinear invariance implied by a budget constraint. Then the automaton is defined by a subgroup, depending on agents’ tastes, technologies and strategies, and by the representations of the subgroup imposed by the automaton.

MSC:

91B62 Economic growth models
68Q45 Formal languages and automata
91B24 Microeconomic theory (price theory and economic markets)
17B99 Lie algebras and Lie superalgebras
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