Decentralized Exchange, Out-of-equilibrium Dynamics and Convergence to Efficiency
نویسندگان
چکیده
In this paper, we study out-of-equilibrium dynamics with decentralized exchange (bilateral bargaining between randomly matched pairs of agents). We characterise the conditions under which out-of-equilibrium trading convergences to efficient allocations even when agents are myopic and have limited information. We show, numerically, that the rate of convergence to efficient allocations is exponential across a variety of different settings. JEL C62, C63, C78.
منابع مشابه
Decentralised exchange, out-of-equilibrium dynamics and convergence to efficiency
In this paper, we study out-of-equilibrium dynamics with decentralized exchange (bilateral bargaining between randomly matched pairs of agents). We characterise the conditions under which out-of-equilibrium trading convergences to efficient allocations even when agents are myopic and have limited information and show, numerically, that the rate of convergence to efficient allocations is exponen...
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