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The Evolution of Exchange

Oscar Volij ()

No 292, Econometric Society World Congress 2000 Contributed Papers from Econometric Society

Abstract: The aim of the paper is to introduce the modern techniques of evolutionary game theory introduced into economics by Young (1993) and others to analyze exchange economies. We define a dynamic matching process on the simple housing problem introduced by Shapley and Scarf (1974) and analyze the stochastic stability of its allocations. Our main findings are: 1. All the efficient allocations are stochastically stable. 2. In three-person economies, all the stochastically stable allocations are efficient. 3. An example of a four-agent economy where an inefficient allocation is stochastically stable.

Date: 2000-08-01
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Related works:
Journal Article: The evolution of exchange (2004) Downloads
Working Paper: The Evolution of Exchange (2004)
Working Paper: The Evolution of Exchange (2000) Downloads
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