Stochastic Stability in the Scarf Economy
Antoine Mandel
(1, 2)
,
Herbert Gintis
(3, 4)
Antoine Mandel
- Fonction : Auteur
- PersonId : 13007
- IdHAL : antoine-mandel
- ORCID : 0000-0001-7180-950X
- IdRef : 117013714
Herbert Gintis
- Fonction : Auteur
- PersonId : 932274
Résumé
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.
Domaines
Economies et financesFormat du dépôt | Notice |
---|---|
Type de dépôt | Article dans une revue |
Titre |
en
Stochastic Stability in the Scarf Economy
|
Résumé |
en
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.
|
Auteur(s) |
Antoine Mandel
1, 2
, Herbert Gintis
3, 4
1
CES -
Centre d'économie de la Sorbonne
( 15080 )
- Maison des Sciences Économiques - 106-112 Boulevard de l'Hôpital - 75647 Paris Cedex 13
- France
2
PSE -
Paris School of Economics
( 301309 )
- 48 boulevard Jourdan 75014 Paris
- France
3
CEU -
Central European University [Budapest, Hongrie]
( 350563 )
- Nador u. 9
1051 Budapest.
- Hongrie
4
Santa Fe Institute
( 134986 )
- 1399 Hyde Park Road, Santa Fe, NM 87501
- États-Unis
|
Comité de lecture |
Oui
|
Vulgarisation |
Non
|
Langue du document |
Anglais
|
Nom de la revue |
|
Audience |
Internationale
|
Date de publication |
2014-01-01
|
Volume |
67
|
Page/Identifiant |
44-49
|
Domaine(s) |
|
Financement |
|
Mots-clés |
en
Stochastic Stability, General Equilibrium
|
DOI | 10.1016/j.mathsocsci.2013.09.002 |
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