Perturbation Theory in a Pure Exchange Non-Equilibrium Economy
نویسندگان
چکیده
منابع مشابه
Perturbation theory in a pure-exchange nonequilibrium economy.
We develop a formalism to study linearized perturbations around the equilibria of a pure-exchange economy. With the use of mean-field theory techniques, we derive equations for the flow of products in an economy driven by heterogeneous preferences and probabilistic interaction between agents. We are able to show that if the economic agents have static preferences, which are also homogeneous in ...
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Studied here are dynamical processes of money-mediated exchange and price adjustment in a pure exchange economy of durables. The processes take place in continuous time and are specified by fields of cones which define admissible trajectories in price-allocation or allocation space. Under strong classical assumptions on preferences and fairly mild behavioral assumptions, stability theorems are ...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2009
ISSN: 1556-5068
DOI: 10.2139/ssrn.1390742