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Article Dans Une Revue Mathematical Social Sciences Année : 2014

Stochastic Stability in the Scarf Economy

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.
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Dates et versions

halshs-00977572 , version 1 (11-04-2014)

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Antoine Mandel, Herbert Gintis. Stochastic Stability in the Scarf Economy. Mathematical Social Sciences, 2014, 67, pp.44-49. ⟨10.1016/j.mathsocsci.2013.09.002⟩. ⟨halshs-00977572⟩
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