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.

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Year of publication:	2009-12
Authors:	Mandel, Antoine ; Botta, Nicola
Institutions:	HAL
Subject:	Exchange economies \| bargaining games \| equilibrium selection \| stochastic stability

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Extent:	application/pdf
Series:	Post-Print.
Type of publication:	Book / Working Paper
Notes:	View the original document on HAL open archive server: http://halshs.archives-ouvertes.fr/halshs-00442864
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10010738585