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1 janvier 2014
- handle: 10670/1.u9y53o
- halshs: halshs-00977572
- doi: 10.1016/j.mathsocsci.2013.09.002
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info:eu-repo/semantics/altIdentifier/doi/10.1016/j.mathsocsci.2013.09.002
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Stochastic Stability General EquilibriumSujets proches
Balancing (Physics) Balance (Physics) BalanceCiter ce document
Antoine Mandel et al., « Stochastic Stability in the Scarf Economy », HAL-SHS : économie et finance, ID : 10.1016/j.mathsocsci.2013.09.002
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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.