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Erschienen in:
2011 | OriginalPaper | Buchkapitel
Bargaining Skills in an Edgeworthian Economy
verfasst von : M. Ferreira, B. Finkenstädt, B. M. P. M. Oliveira, Alberto A. Pinto, A. N. Yannacopoulos
Erschienen in: Dynamics, Games and Science I
Verlag: Springer Berlin Heidelberg
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We present a model of an Edgeworthian exchange economy where two goods are traded in a market place. For a specific class of random matching Edgeworthian economies, the expectation of the limiting equilibrium price coincides with that of related Walrasian economies. The novelty of our model is that we associate a bargaining skill factor to each participant which brings up a game alike the prisoner’s dilemma into the usual Edgeworth exchange economy. We analyze the effect of the bargaining skill factors in the variations of the individual amount of goods and in the increase of the value of their utilities. Finally, we let the bargaining skills of the participants evolve along the trades and we study their variation.