A note on Herbert Gintis' "Emergence of a Price System from Decentralized Bilateral Exchange"

Antoine Mandel (1) , Nicola Botta (2)

1 CES - Centre d'économie de la Sorbonne
2 PIK - Potsdam Institute for Climate Impact Research

In two recent contributions, Herbert Gintis introduces agent-based imitation models built upon evolutionary bargaining games where agents use private prices as strategies. He reports surprising convergence results for simulations performed in exchange economies where goods are strict complement. We investigate analyt- ically these results using the notion of stochastic stability.

Mots clés: Stochastic Stability; Exchange economies; Bargaining Games; Equilibrium Selection; Stochastic Stability.

Domaines: Economies et finances

Antoine Mandel, Nicola Botta. A note on Herbert Gintis' "Emergence of a Price System from Decentralized Bilateral Exchange". The BE Journals in Theoretical Economics, 2009, 9 (1), pp.article 44. ⟨10.2202/1935-1704.1560⟩. ⟨halshs-00634656⟩