Skip to Main content Skip to Navigation
Journal articles

Stochastic Stability in the Scarf Economy

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.
Document type :
Journal articles
Complete list of metadata

https://halshs.archives-ouvertes.fr/halshs-00977572
Contributor : Antoine Mandel Connect in order to contact the contributor
Submitted on : Friday, April 11, 2014 - 12:08:07 PM
Last modification on : Friday, April 29, 2022 - 10:13:02 AM

Links full text

Identifiers

Citation

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

Share

Metrics

Record views

114