An Adverse Social Welfare Effect of Quadruply Gainful Trade
نویسندگان
چکیده
منابع مشابه
Decentralized trade, random utility and the evolution of social welfare
We study decentralized trade processes in general exchange economies and house allocation problems with and without money. The processes are a¤ected by persistent random shocks stemming from agentsmaximization of random utility. By imposing structure on the utility noise term logit distribution, one is able to calculate exactly the stationary distribution of the perturbed Markov process for ...
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ژورنال
عنوان ژورنال: East Asian Economic Review
سال: 2020
ISSN: 2508-1640,2508-1667
DOI: 10.11644/kiep.eaer.2020.24.3.377