Random preferences and equilibrium analysis
نویسندگان
چکیده
منابع مشابه
Smooth equilibrium analysis with price-dependent preferences
With the exception of existence, not much seems to be known of economies where individual preferences are affected by prices. We show that the main properties of competitive equilibria that fall under the general heading of qualitative comparative statics remain true when preferences are price dependent, provided that the total resources are allowed to vary in the parameter space. The equilibri...
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We show the existence of a competitive equilibrium in an economy with many consumers whose preferences may change over time. The demand correspondence of an individual consumer is determined by the set of subgameperfect equilibrium outcomes in his or her intrapersonal game. For additively separable preferences with continuous period utility functions that are unbounded above, this demand corres...
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The representative-agent Lucas model stresses aggregate risk and hence does not allow us to study the impact of agents’ heterogeneity on the dynamics of equilibrium trading volume. In this paper, we investigate under what conditions non-informational heterogeneity, i.e., differences in preferences and endowments, leads to nontrivial trading volume in equilibrium. We present a non-informational ...
متن کاملNash Equilibrium and the Evolution of Preferences
A population of players is randomly matched to play a normal form game G. The payo®s in this game represent the ̄tness associated with the various outcomes. Each individual has preferences over the outcomes of the game and chooses an optimal action with respect to those preferences. However, these preferences need not coincide with the ̄tness payo®s. When evolution selects individuals on the basi...
متن کاملOn Ramsey equilibrium with dependent preferences∗
This paper introduces consumption externalities in a one-sector Ramsey model with heterogeneous households and borrowing constraints. Externalities are taken into account by writing that the felicity functions depend on the consumption of all the households of the economy. Focusing on the class of equilibria in which the most patient household owns the whole capital stock, it is proved that the...
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ژورنال
عنوان ژورنال: Journal of Economic Theory
سال: 1971
ISSN: 0022-0531
DOI: 10.1016/0022-0531(71)90039-1