Dynamical Systems with a Continuum of Randomly Matched Agents
AbstractMany models postulate a continuum of agents of finitely many different types who are repeatedly randomly matched in pairs to perform certain activities (e.g. play a game) which may in turn make their types change. The random matching process is usually left unspecified, and some Law of Large Numbers is informally invoked to justify a deterministic approximation of the resulting stochastic system. Nevertheless, it is well-know that such laws of large numbers may not hold in this framework. This work shows that there exist random matching processes over a continuum of agents satisfying properties which are sufficient to simplify the analysis of the stochastic system. Moreover, the evolution of the population frequencies of types induced by this system can be described (almost surely) through a set of deterministic equations.
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Bibliographic InfoArticle provided by Elsevier in its journal Journal of Economic Theory.
Volume (Year): 86 (1999)
Issue (Month): 2 (June)
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Web page: http://www.elsevier.com/locate/inca/622869
Other versions of this item:
- Carlos Alós-Ferrer, 1998. "- Dynamical Systems With A Continuum Of Randomly Matched Agents," Working Papers. Serie AD 1998-08, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
- Alos-Ferrer, C., 1998. "Dynamic Systems with a Continuum of Randomly Matched Agents," Papers 9801, Washington St. Louis - School of Business and Political Economy.
- C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games
- C78 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Bargaining Theory; Matching Theory
- D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search, Learning, and Information
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