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

Antoine Mandel and Botta Nicola
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Botta Nicola: Potsdam Institute for Climate Impact Research, nicola.botta@pik-potsdam.de

The B.E. Journal of Theoretical Economics, 2009, vol. 9, issue 1, 18

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.

Keywords: exchange economies; bargaining games; equilibrium selection (search for similar items in EconPapers)
Date: 2009
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Related works:
Working Paper: A note on Herbert Gintis' "Emergence of a Price System from Decentralized Bilateral Exchange" (2009)
Working Paper: A note on Herbert Gintis' "Emergence of a Price System from Decentralized Bilateral Exchange" (2009)
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DOI: 10.2202/1935-1704.1560

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