A note on the stochastic stability of equilibrium in some exchange economies
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.
|Date of creation:||Dec 2009|
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|Note:||View the original document on HAL open archive server: http://halshs.archives-ouvertes.fr/halshs-00442864|
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