Stochastic Stability in the Scarf Economy

Antoine Mandel and Herbert Gintis

Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) from HAL

Abstract: We present a mathematical model for the analysis of the bargaining games based on private prices used by Gintis to simulate the dynamics of prices in exchange economies in Gintis (2007). We then characterize, in the Scarf economy, a class of dynamics for which the Walrasian equilibrium is the only stochastically stable state. Hence, we provide dynamic foundations for general equilibrium for one of the best-known example of instability of the tâtonement process.

Keywords: Stochastic Stability; General Equilibrium (search for similar items in EconPapers)
Date: 2014-01-01
References: Add references at CitEc
Citations: View citations in EconPapers (10)

Published in Mathematical Social Sciences, 2014, 67, pp.44-49. ⟨10.1016/j.mathsocsci.2013.09.002⟩

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
Journal Article: Stochastic stability in the Scarf economy (2014)
Working Paper: Stochastic Stability in the Scarf Economy (2014)
Working Paper: Stochastic Stability in the Scarf Economy (2014)
Working Paper: Stochastic stability in the Scarf economy (2013)
Working Paper: Stochastic stability in the Scarf economy (2012)
Working Paper: Stochastic stability in the Scarf economy (2012)
Working Paper: Stochastic stability in the Scarf economy (2012)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:hal:cesptp:halshs-00977572

DOI: 10.1016/j.mathsocsci.2013.09.002

Access Statistics for this paper

More papers in Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) from HAL
Bibliographic data for series maintained by CCSD ().