Both in game theory and in general equilibrium theory there exists a number of universally stable adjustment processes … the processes are adjustment rules by which an auctioneer can clear all markets. Examples are the processes studied by …

adjustment of the contract payment, involving adjustment costs for both players. Players’ payoffs from trade under the contract … whenever the contract payment relative to the outcome of an adjustment passes a certain threshold, depending among other things … of the adjustment costs. There is strategic substitutability in the choice of thresholds, so that if one player becomes …

adjustment of the contract payment, involving adjustment costs for both players. Players? payoffs from trade under the contract … whenever the contract payment relative to the outcome of an adjustment passes a certain threshold, depending among other things … of the adjustment costs. There is strategic substitutability in the choice of thresholds, so that if one player becomes …