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

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  • Antoine Mandel

    ()
    (Centre d'Economie de la Sorbonne)

  • Nicola Botta

    ()
    (Potsdam Institute for Climate Impact Research)

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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File URL: ftp://mse.univ-paris1.fr/pub/mse/CES2009/09084.pdf
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Bibliographic Info

Paper provided by Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne in its series Documents de travail du Centre d'Economie de la Sorbonne with number 09084.

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Length: 17 pages
Date of creation: Dec 2009
Date of revision:
Handle: RePEc:mse:cesdoc:09084

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

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