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

Author

Listed:
  • Antoine Mandel

    () (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)

  • Nicola Botta

    () (PIK - 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.

Suggested Citation

  • Antoine Mandel & Nicola Botta, 2009. "A note on the stochastic stability of equilibrium in some exchange economies," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00442864, HAL.
  • Handle: RePEc:hal:cesptp:halshs-00442864
    Note: View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-00442864
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    Keywords

    stochastic stability; Exchange economies; bargaining games; equilibrium selection; stochastic stability.; Economies d'échange; jeux de marchandage; sélection d'équilibres; stabilité stochastique.;

    JEL classification:

    • D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies
    • C62 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Existence and Stability Conditions of Equilibrium
    • C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques
    • C78 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Bargaining Theory; Matching Theory

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