caa a22 4500 445854359 CHVBK 20180317145423.0 cr unu---uuuuu 170323e20111001xx s 000 0 eng 10.1007/s00191-011-0220-x doi (NATIONALLICENCE)springer-10.1007/s00191-011-0220-x Evolution of Walrasian equilibrium in an exchange economy [Elektronische Daten] [Chongmin Kim, Kam-Chau Wong] We study the stochastic stability of a dynamic trading process in an exchange economy. We use a simplified version of a trading model à la Shapley and Shubik (J Polit Econ 85:937-968, 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. Springer-Verlag, 2011 Walrasian equilibrium nationallicence Evolutionary dynamics nationallicence Imitation nationallicence Stochastic stability nationallicence Kim Chongmin Department of Economics, Kookmin University, 861-1 Chungnung-Dong, Sungbuk-Gu, Seoul 136-702, Seoul, Korea aut Wong Kam-Chau Department of Economics, Chinese University of Hong Kong, Hong Kong, Shatin, People's Republic of China aut Journal of Evolutionary Economics Springer-Verlag 21/4(2011-10-01), 619-647 0936-9937 21:4<619 2011 21 191 https://doi.org/10.1007/s00191-011-0220-x text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/s00191-011-0220-x text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Kim Chongmin Department of Economics, Kookmin University, 861-1 Chungnung-Dong, Sungbuk-Gu, Seoul 136-702, Seoul, Korea aut NATIONALLICENCE 700 1- Wong Kam-Chau Department of Economics, Chinese University of Hong Kong, Hong Kong, Shatin, People's Republic of China aut NATIONALLICENCE 773 0- Journal of Evolutionary Economics Springer-Verlag 21/4(2011-10-01), 619-647 0936-9937 21:4<619 2011 21 191 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer