Economics, Econometrics and Finance
8 years ago

New research shows random economies can reach stable price equilibria!

The Annals of Applied Probability
On the existence and convergence of price equilibria for random economies
Esa Nummelin

Paper Summary

The article shows that in a random economy with multiple agents, there are certain conditions where price equilibria exist. The researchers also found that the random price equilibria converge towards the price equilibria of an "expectation economy".

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