Abstract
It is very important study of investigating a relation between an abstract Walras central market and possible decentralized markets which will be behind abstract central market. Recently Gintis (2007) has studied the price dynamics in a bilateral decentralized exchange economy based on an agent based simulation and private prices of agents, in which Scarf model is also adopted. In his paper Gintis asserts that a sequence of distribution of private prices and a sequence of the average of private prices will converge to the general equilibrium, while both a tatonnemnet and a double auction trading process show instability. If his assertion turns out to be true irrespectively of choice of preferences and initial holdings, his method seems to take a position in the study of finding a general equilibrium price. In this paper we try to follow a method of Gintis and to do several simulation experiments by our own computer program, and to examine whether or not his assertion can be true as a general tendency. Keyword: Bilateral exchange economy, computer simulation, equilibrium price
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