We gratefully acknowledge ESRC Grant RES000220394 for financial support. We thank Luca Anderlini, Samuel Bowles, Leonardo Felli, Piero Gottardi, Ben Polak, Heraklis Polemarchakis, Andrea Prat, Tayfun Somnez and Rani Spiegler for their comments.
Equilibrium in the Jungle†
Article first published online: 2 JUL 2007
The Economic Journal
Volume 117, Issue 522, pages 883–896, July 2007
How to Cite
Piccione, M. and Rubinstein, A. (2007), Equilibrium in the Jungle. The Economic Journal, 117: 883–896. doi: 10.1111/j.1468-0297.2007.02072.x
- Issue published online: 2 JUL 2007
- Article first published online: 2 JUL 2007
- Submitted: 16 January 2006 Accepted: 3 June 2006
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.