Equilibrium in the jungle

Michele Piccione, Ariel Rubinstein

    Research output: Contribution to journalArticlepeer-review

    Abstract

    In the jungle, power and coercion govern the exchange of resources. We study a simple, stylised model of the jungle that mirrors an exchange economy. We define the notion of jungle equilibrium and demonstrate that a number of standard results of competitive markets hold in the jungle.

    Original languageEnglish (US)
    Pages (from-to)883-896
    Number of pages14
    JournalEconomic Journal
    Volume117
    Issue number522
    DOIs
    StatePublished - Jul 2007

    ASJC Scopus subject areas

    • Economics and Econometrics

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