Stable processes of exchange

Stanley Reiter, Spiro Maroulis

Research output: Contribution to journalArticlepeer-review

3 Scopus citations


In this paper we address a long standing gap in economic theory-the gap between claims for the dynamic efficiency of trading in markets, and the findings of formal economic theory, which justify those claims only under restrictive assumptions. We use agent-based methods to study the dynamics of exchange with trading agents who are characterized by several different preference relations. We see that outcomes converge with high probability to Pareto optima in the cases studied, including the well-known example due to Scarf.

Original languageEnglish (US)
Pages (from-to)1398-1412
Number of pages15
JournalJournal of Mathematical Economics
Issue number12
StatePublished - Dec 20 2008
Externally publishedYes


  • Agent-based modeling
  • General equilibrium

ASJC Scopus subject areas

  • Economics and Econometrics
  • Applied Mathematics


Dive into the research topics of 'Stable processes of exchange'. Together they form a unique fingerprint.

Cite this