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

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

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