A Note on Herbert Gintis' "Emergence of a Price System from Decentralized Bilateral Exchange"
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.
Volume (Year): 9 (2009)
Issue (Month): 1 (December)
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References listed on IDEAS
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- Roberto Serrano & Oscar Volij, 2008.
"Mistakes in Cooperation: the Stochastic Stability of Edgeworth's Recontracting,"
Royal Economic Society, vol. 118(532), pages 1719-1741, October.
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- Roberto Serrano & Oscar Volij, 2003. "Mistakes in Cooperation: the Stochastic Stability of Edgeworth's Recontracting," Economics Working Papers 0029, Institute for Advanced Study, School of Social Science.
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