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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Bibliographic Details

Published in:	Journal of Economic Theory Vol. 140; no. 1; pp. 328 - 339
Main Authors:	Kandori, Michihiro, Serrano, Roberto, Volij, Oscar
Format:	Article
Published:	Academic Press Inc. May 2008
Subjects:	Resource allocation > Mathematical models Commerce Mathematical models of economics Utility theory Housing Mathematical models of supply & demand
Online Access:	View this record in EBSCOhost