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Equilibrium prices in a random exchange economy with dependent agents

Author

Listed:
  • Vladimir Rotar

    (Central Economic-Mathematical Institute, Russian Academy of Sciences, Moscow, RUSSIA)

  • Mukul Majumdar

    (Department of Economics, 460 Uris Hall, Cornell University, Ithaca, NY 14853-7601, USA)

Abstract

This paper presents a model of a Walrasian exchange economy in which the preferences and endowments of the agents are random. Stochastic interaction among the agents is formally described in terms of dependency neighborhoods. The main result is a characterization of the distribution of market-clearing prices in a large economy.

Suggested Citation

  • Vladimir Rotar & Mukul Majumdar, 2000. "Equilibrium prices in a random exchange economy with dependent agents," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 15(3), pages 531-550.
    • Handle: RePEc:spr:joecth:v:15:y:2000:i:3:p:531-550
    Note: Received: April 23, 1999; revised version: May 6, 1999
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    Citations

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    Cited by:

    1. Hohnisch, Martin, 2003. "Hildenbrand Distribution Economies as Limiting Empirical Distributions of Random Economies," Bonn Econ Discussion Papers 28/2003, University of Bonn, Bonn Graduate School of Economics (BGSE).
    2. Mukul Majumdar & Nigar Hashimzade, 2005. "Survival, Uncertainty, and Equilibrium Theory: An Exposition," Studies in Economic Theory, in: Alessandro Citanna & John Donaldson & Herakles Polemarchakis & Paolo Siconolfi & Stephan E. Spear (ed.), Essays in Dynamic General Equilibrium Theory, pages 107-128, Springer.
    3. Yongming Hou, 2012. "Some inference results on random pure exchange economies," Annals of Operations Research, Springer, vol. 196(1), pages 293-309, July.
    4. Hashimzade, Nigar & Majumdar, Mukul, 2002. "Survival under Uncertainty in an Exchange Economy," Working Papers 02-12, Cornell University, Center for Analytic Economics.

    More about this item

    Keywords

    Random preferences and endowment; Dependent random variables.;

    JEL classification:

    • D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General

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