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An Example of a Trading Economy with Three Competitive Equilibria

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  • Shapley, Lloyd S
  • Shubik, Martin

Abstract

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  • Shapley, Lloyd S & Shubik, Martin, 1977. "An Example of a Trading Economy with Three Competitive Equilibria," Journal of Political Economy, University of Chicago Press, vol. 85(4), pages 873-875, August.
    • Handle: RePEc:ucp:jpolec:v:85:y:1977:i:4:p:873-75
    DOI: 10.1086/260607
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    Citations

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    Cited by:

    1. Juergen Huber & Martin Shubik & Shyam Sunder, 2009. "Default Penalty as a Disciplinary and Selection Mechanism in Presence of Multiple Equilibria," Cowles Foundation Discussion Papers 1730, Cowles Foundation for Research in Economics, Yale University.
    2. Norman, Thomas W.L., 2020. "Market selection with an endogenous state," Journal of Mathematical Economics, Elsevier, vol. 91(C), pages 51-59.
    3. Loi, Andrea & Matta, Stefano & Uccheddu, Daria, 2023. "Equilibrium selection under changes in endowments: A geometric approach," Journal of Mathematical Economics, Elsevier, vol. 108(C).
    4. Alok Kumar & Martin Shubik, 2004. "Variations on the Theme of Scarf's Counter-Example," Computational Economics, Springer;Society for Computational Economics, vol. 24(1), pages 1-19, August.
    5. Kumar, Alok & Shubik, Martin, 2003. "A computational analysis of core convergence in a multiple equilibria economy," Games and Economic Behavior, Elsevier, vol. 42(2), pages 253-266, February.
    6. Alok Kumar & Martin Shubik, 2001. "A Computational Analysis of the Core of a Trading Economy with Three Competitive Equilibria and a Finite Number of Traders," Yale School of Management Working Papers ysm223, Yale School of Management, revised 01 Nov 2003.
    7. Ken-Ichi Shimomura & Takehiko Yamato, 2011. "Impact of Ethnicities on Market Outcome: Results of Market Experiments in Kenya," Discussion Paper Series DP2011-10, Research Institute for Economics & Business Administration, Kobe University.
    8. Huber, Juergen & Shubik, Martin & Sunder, Shyam, 2016. "Default penalty as a selection mechanism among multiple equilibria," Journal of Behavioral and Experimental Finance, Elsevier, vol. 9(C), pages 20-38.
    9. Demeze-Jouatsa, Ghislain-Herman & Pongou, Roland & Tondji, Jean-Baptiste, 2021. "A Free and Fair Economy: A Game of Justice and Inclusion," Center for Mathematical Economics Working Papers 653, Center for Mathematical Economics, Bielefeld University.
    10. Cheng-Zhong Qin & Thomas Quint & Martin Shubik, 2017. "Default, Efficiency and Uniqueness," Cowles Foundation Discussion Papers 2095, Cowles Foundation for Research in Economics, Yale University.
    11. Whalley, John & Zhang, Shunming, 2014. "Parametric persistence of multiple equilibria in an economy directly calibrated to 5 equilibria," Economic Modelling, Elsevier, vol. 41(C), pages 356-364.
    12. Cheng-Zhong Qin & Martin Shubik, 2012. "Selecting a unique competitive equilibrium with default penalties," Journal of Economics, Springer, vol. 106(2), pages 119-132, June.
    13. Timothy J. Kehoe & David K. Levine, 1990. "Indeterminacy in Applied Intertemporal General Equilibrium Models," Levine's Working Paper Archive 2042, David K. Levine.
    14. Cheng-Zhong Qin & Martin Shubik, 2005. "A Credit Mechanism for Selecting a Unique Competitive Equilibrium," Cowles Foundation Discussion Papers 1539R, Cowles Foundation for Research in Economics, Yale University, revised Jun 2009.
    15. Bergstrom Theodore C & Shimomura Ken-Ichi & Yamato Takehiko, 2009. "Simple Economies with Multiple Equilibria," The B.E. Journal of Theoretical Economics, De Gruyter, vol. 9(1), pages 1-31, December.
    16. Ghislain H. Demeze-Jouatsa & Roland Pongou & Jean-Baptiste Tondji, 2021. "A Free and Fair Economy: A Game of Justice and Inclusion," Papers 2107.12870, arXiv.org.
    17. Felix Kubler & Herakles Polemarchakis, 2004. "Stationary Markov equilibria for overlapping generations," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 24(3), pages 623-643, October.
    18. Loi, Andrea & Matta, Stefano, 2018. "Curvature and uniqueness of equilibrium," Journal of Mathematical Economics, Elsevier, vol. 74(C), pages 62-67.
    19. Minwook KANG, 2015. "A Concrete Example of the Transfer Problem with Multiple Equilibria," Economic Growth Centre Working Paper Series 1504, Nanyang Technological University, School of Social Sciences, Economic Growth Centre.
    20. Chen-Zhong Qin & Lloyd S. Shapley & Martin Shubik, 2009. "Marshallian Money, Welfare, and Side-Payments," Cowles Foundation Discussion Papers 1729, Cowles Foundation for Research in Economics, Yale University.
    21. Qin, Cheng-Zhong, 2006. "A Credit Mechanism for Selecting a Unique Competitive Equilibrium," University of California at Santa Barbara, Economics Working Paper Series qt43p4d5wr, Department of Economics, UC Santa Barbara.
    22. Sean Crockett & Daniel Friedman & Ryan Oprea, 2021. "Naturally Occurring Preferences And General Equilibrium: A Laboratory Study," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 62(2), pages 831-859, May.
    23. Junichi Minagawa, 2012. "On the instability of competitive equilibrium: a further example," Economics Bulletin, AccessEcon, vol. 32(1), pages 80-85.
    24. Junyi Shen & Ken-Ichi Shimomura & Takehiko Yamato & Tokinao Ohtaka & Kiyotaka Takahashi, 2015. "Revisiting Marshallian versus Walrasian Stability in an Experimental Market," Discussion Paper Series DP2015-30, Research Institute for Economics & Business Administration, Kobe University, revised May 2016.
    25. Crockett, Sean & Friedman, Daniel & Oprea, Ryan, 2017. "Aggregation and convergence in experimental general equilibrium economies constructed from naturally occurring preferences," Discussion Papers, Research Professorship Market Design: Theory and Pragmatics SP II 2017-501, WZB Berlin Social Science Center.

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