Abstract
We are interested in resource allocation mechanisms that perform satisfactorily in environments which are problematic for the Walrasian equilibrium theory and the tatonnement. The B(idding)-process of Hurwicz-Radner-Reiter is informationally decentralized and has appealing normative properties. The speed of convergence of the B-process is characterized in an economy with indivisible commodities. A modification of this process is shown to converge in an economy with both divisible and indivisible goods. Some simulation results on the B-process and its modifications throwing light on its performance in non-Walrasian environments are also reported.
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