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.
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Volume (Year): 9 (2009)
Issue (Month): 1 (December)
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References listed on IDEAS
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- Carlos Alós-Ferrer & Georg Kirchsteiger, 2010. "General Equilibrium and the Emergence of (Non) Market Clearing Trading Institutions," ULB Institutional Repository 2013/149592, ULB -- Universite Libre de Bruxelles.
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