On the convergence to Walrasian prices in random matching Edgeworthian economies

On the convergence to Walrasian prices in random matching Edgeworthian economies

We show that for a specific class of random matching Edgeworthian economies, the expectation of the limiting equilibrium price coincides with the equilibrium price of the related Walrasian economies. This result extends to the study of economies in the presence of uncertainty within the multi-period...

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Veröffentlicht in:Central European journal of operations research 2012-09, Vol.20 (3), p.485-495
Hauptverfasser: Pinto, A. A., Ferreira, M., Finkenstädt, B. F., Oliveira, B., Yannacopoulos, A. N.
Format: Artikel
Sprache:eng
Schlagworte:
Behavioral decision theory
Business and Management
Competition (Economics)
Consumption
Economic theory
Endowment
Equilibrium
Markets (Economics)
Mathematical models
Operations research
Operations Research/Decision Theory
Original Paper
Preferences
Prices
Pricing
Random variables
Studies
Symmetry
Uncertainty
Utility functions
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Beschreibung
Zusammenfassung:We show that for a specific class of random matching Edgeworthian economies, the expectation of the limiting equilibrium price coincides with the equilibrium price of the related Walrasian economies. This result extends to the study of economies in the presence of uncertainty within the multi-period Arrow-Debreu model, allowing to understand the dynamics of how beliefs survive and propagate through the market.
ISSN:1435-246X
1613-9178
DOI:10.1007/s10100-011-0208-5