Ghosal, Sayantan and Porter, James (2011) Decentralized exchange, out-of-equilibrium dynamics and convergence to efficiency. In: Royal Economic Society Annual Conference 2011, Royal Holloway, University of London, 18-20 Apr 2011 (Unpublished)

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Abstract

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 exponential across a variety of different settings.

Item Type:	Conference Item (Paper)
Subjects:	H Social Sciences > HB Economic Theory
Divisions:	Faculty of Social Sciences > Economics
Official Date:	19 April 2011
Dates:	Date Event 19 April 2011 Completion
Status:	Not Peer Reviewed
Publication Status:	Unpublished
Funder:	EPSRC
Conference Paper Type:	Paper
Title of Event:	Royal Economic Society Annual Conference 2011
Type of Event:	Conference
Location of Event:	Royal Holloway, University of London
Date(s) of Event:	18-20 Apr 2011
Related URLs:	Organisation

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