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 affected by persistent random shocks stemming from agents' maximization of random utility. By imposing structure on the utility noise term–logit distribution–o...

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Detalles Bibliográficos

Publicado en:	Journal of Economic Theory Vol. 140; no. 1; pp. 328 - 339
Autores principales:	Kandori, Michihiro, Serrano, Roberto, Volij, Oscar
Formato:	Artículo
Publicado:	Academic Press Inc. May 2008
Materias:	Resource allocation > Mathematical models Commerce Mathematical models of economics Utility theory Housing Mathematical models of supply & demand
Acceso en línea:	Ver este registro en EBSCOhost