A note on the stochastic stability of equilibrium in some exchange economies
AbstractBuilding 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 InfoPaper provided by HAL in its series Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) with number halshs-00442864.
Date of creation: Dec 2009
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Exchange economies; bargaining games; equilibrium selection; stochastic stability.;
Other versions of this item:
- Antoine Mandel & Nicola Botta, 2009. "A note on the stochastic stability of equilibrium in some exchange economies," Documents de travail du Centre d'Economie de la Sorbonne 09084, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
- D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies
- C62 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Existence and Stability Conditions of Equilibrium
- C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques
- C78 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Bargaining Theory; Matching Theory
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