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Equilibrium in the Jungle

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  • Michele Piccione
  • Ariel Rubinstein

Abstract

In the jungle, power and coercion govern the exchange of resources. We study a simple, stylised model of the jungle that mirrors an exchange economy. We define the notion of jungle equilibrium and demonstrate that a number of standard results of competitive markets hold in the jungle. Copyright 2007 The Author(s). Journal compilation Royal Economic Society 2007.

Suggested Citation

  • Michele Piccione & Ariel Rubinstein, 2007. "Equilibrium in the Jungle," Economic Journal, Royal Economic Society, vol. 117(522), pages 883-896, July.
  • Handle: RePEc:ecj:econjl:v:117:y:2007:i:522:p:883-896
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    References listed on IDEAS

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