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A note on the stochastic stability of equilibrium in some exchange economies

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  • Antoine Mandel

    ()
    (CES - Centre d'économie de la Sorbonne - CNRS : UMR8174 - Université Paris I - Panthéon-Sorbonne)

  • Nicola Botta

    ()
    (Potsdam Institute for Climate Impact Research - Telegrafenberg A51)

Abstract

Building upon recent work of Gintis, we study evolutionary dynamics in an economy with Leontieff preferences and corner endowments for which the equilibrium is completely indeterminate. We exhibit a class of dynamics which selects, via stochastic stability, the equilibrium minimizing the quantities traded.

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Bibliographic Info

Paper provided by HAL in its series Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) with number halshs-00442864.

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Date of creation: Dec 2009
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Handle: RePEc:hal:cesptp:halshs-00442864

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Related research

Keywords: Exchange economies; bargaining games; equilibrium selection; stochastic stability.;

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