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A Note on Herbert Gintis' "Emergence of a Price System from Decentralized Bilateral Exchange"

Author Info

Listed author(s):
  • Mandel Antoine

    ()

    (C.E.S, University Paris 1 Panthéon-Sorbonne)

  • Botta Nicola

    ()

    (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: https://www.degruyter.com/view/j/bejte.2009.9.1/bejte.2009.9.1.1560/bejte.2009.9.1.1560.xml?format=INT
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Article provided by De Gruyter in its journal The B.E. Journal of Theoretical Economics.

Volume (Year): 9 (2009)
Issue (Month): 1 (December)
Pages: 1-18

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Handle: RePEc:bpj:bejtec:v:9:y:2009:i:1:n:44
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  1. Roberto Serrano & Oscar Volij, 2008. "Mistakes in Cooperation: the Stochastic Stability of Edgeworth's Recontracting," Economic Journal, Royal Economic Society, vol. 118(532), pages 1719-1741, October.
  2. Carlos Alós-Ferrer & Georg Kirchsteiger, 2010. "General equilibrium and the emergence of (non)market clearing trading institutions," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 44(3), pages 339-360, September.
  3. Dawid, Herbert, 2007. "Evolutionary game dynamics and the analysis of agent-based imitation models: The long run, the medium run and the importance of global analysis," Journal of Economic Dynamics and Control, Elsevier, vol. 31(6), pages 2108-2133, June.
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Cited by:

  1. Mandel, Antoine & Gintis, Herbert, 2014. "Stochastic stability in the Scarf economy," Mathematical Social Sciences, Elsevier, vol. 67(C), pages 44-49.
  2. Mandel, Antoine & Gintis, Herbert, 2016. "Decentralized Pricing and the equivalence between Nash and Walrasian equilibrium," Journal of Mathematical Economics, Elsevier, vol. 63(C), pages 84-92.
  3. repec:hal:journl:halshs-00748328 is not listed on IDEAS
  4. Gerard Ballot & Antoine Mandel & Annick Vignes, 2015. "Agent-based modeling and economic theory: where do we stand?," Journal of Economic Interaction and Coordination, Springer;Society for Economic Science with Heterogeneous Interacting Agents, vol. 10(2), pages 199-220, October.

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