Evolution of Walrasian equilibrium in an exchange economy
Publication in refereed journal


香港中文大学研究人员 ( 现职)

黄锦就教授 (经济学系)

全文

数位物件识别号 (DOI) http://dx.doi.org/10.1007/s00191-011-0220-x

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Web of Sciencehttp://aims.cuhk.edu.hk/converis/portal/Publication/1WOS source URL

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摘要We study the stochastic stability of a dynamic trading process in an exchange economy. We use a simplified version of a trading model A la Shapley and Shubik (J Polit Econ 85:937-968, http://aims.cuhk.edu.hk/converis/portal/Publication/1977). Two types of agents equipped with Leontief preferences trade goods in markets by offering endowments, and actual trades occur at market clearing prices. Better behavior tends to spread through the same type of agents by imitation, and agents also make mistakes occasionally. We provide a sufficient condition for the perturbed dynamic process to have a unique stochastically stable state that is a Walrasian equilibrium allocation. In this sense, we give a rationale for Walrasian behavior.

着者Kim C, Wong KC
期刊名称JOURNAL OF EVOLUTIONARY ECONOMICS
出版年份20http://aims.cuhk.edu.hk/converis/portal/Publication/1http://aims.cuhk.edu.hk/converis/portal/Publication/1
月份http://aims.cuhk.edu.hk/converis/portal/Publication/10
日期http://aims.cuhk.edu.hk/converis/portal/Publication/1
卷号2http://aims.cuhk.edu.hk/converis/portal/Publication/1
期次4
出版社Springer Verlag (Germany)
页次6http://aims.cuhk.edu.hk/converis/portal/Publication/19 - 647
国际标準期刊号0936-9937
语言英式英语

关键词Evolutionary dynamics; Imitation; Stochastic stability; Walrasian equilibrium
Web of Science 学科类别Business & Economics; Economics; ECONOMICS