Consider an exchange economy with a finite number of agents, who are arbitragers, in that they try to upset allocations imagining plausible beneficial trades. Their thought process is interactive, in that agents are conscious that the others are also going through the same steps. With this...

In an exchange economyw ith a finite number of indivisible goods, we analyze a dynamic trading process of coalitional recontracting where agents may make mistakes with small probability. We show first that the recurrent classes of the unperturbed (mistakefree) process consist of (i) all core...

In an exchange economyw ith a finite number of indivisible goods, we analyze a dynamic trading process of coalitional recontracting where agents may make mistakes with small probability. We show first that the recurrent classes of the unperturbed (mistakefree) process consist of (i) all core...