Equilibrium in the Jungle

Michele Piccione and Ariel Rubinstein ()

Economic Journal, 2007, vol. 117, issue 522, 883-896

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.

Date: 2007
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Persistent link: https://EconPapers.repec.org/RePEc:ecj:econjl:v:117:y:2007:i:522:p:883-896

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