The Evolution of Exchange
Oscar Volij ()
No 292, Econometric Society World Congress 2000 Contributed Papers from Econometric Society
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.
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Journal Article: The evolution of exchange (2004)
Working Paper: The Evolution of Exchange (2004)
Working Paper: The Evolution of Exchange (2000)
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