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Independent Random Matching

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  • Podczeck, Konrad
  • Puzzello, Daniela

Abstract

Random matching models with a continuum population are widely used in economics to study environments where agents interact in small coalitions. This paper provides foundations to such models. In particular, the paper establishes an existence result for random matchings that are universal in the sense that certain desirable properties are satisfied for any assignment of types to agents. The result applies to infinitely many types of agents, thus covering random matching models which are currently used in the literature without a foundation. Furthermore, the paper provides conditions guaranteeing uniqueness of random matching.

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File URL: http://mpra.ub.uni-muenchen.de/27687/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 27687.

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Date of creation: Oct 2009
Date of revision: Sep 2010
Handle: RePEc:pra:mprapa:27687

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Related research

Keywords: Random matching; Involution; Independence; Continuum population; Fubini extension;

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References

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  1. Charalambos Aliprantis & Gabriele Camera & Daniela Puzzello, 2006. "Matching and anonymity," Economic Theory, Springer, vol. 29(2), pages 415-432, October.
  2. Takahashi, Satoru, 2010. "Community enforcement when players observe partners' past play," Journal of Economic Theory, Elsevier, vol. 145(1), pages 42-62, January.
  3. Ricardo Lagos & Randall Wright, 2004. "A unified framework for monetary theory and policy analysis," Staff Report 346, Federal Reserve Bank of Minneapolis.
  4. Miguel Molico, 2006. "The Distribution Of Money And Prices In Search Equilibrium," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 47(3), pages 701-722, 08.
  5. Shouyong Shi, 1996. "A Divisible Search Model of Fiat Money," Working Papers 930, Queen's University, Department of Economics.
  6. Matthijs Veelen & Peter Spreij, 2009. "Evolution in games with a continuous action space," Economic Theory, Springer, vol. 39(3), pages 355-376, June.
  7. Itzhak Gilboa & Akihiko Matsui, 1990. "A Model of Random Matching," Discussion Papers 887, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  8. de O. Cavalcanti, Ricardo & Puzzello, Daniela, 2009. "Stationarity without Degeneracy in a Model of Commodity Money," MPRA Paper 17125, University Library of Munich, Germany.
  9. M. Kandori & G. Mailath & R. Rob, 1999. "Learning, Mutation and Long Run Equilibria in Games," Levine's Working Paper Archive 500, David K. Levine.
  10. Molzon, Robert & Puzzello, Daniela, 2010. "On the observational equivalence of random matching," Journal of Economic Theory, Elsevier, vol. 145(3), pages 1283-1301, May.
  11. Alos-Ferrer, Carlos, 1999. "Dynamical Systems with a Continuum of Randomly Matched Agents," Journal of Economic Theory, Elsevier, vol. 86(2), pages 245-267, June.
  12. Yeneng Sun & Nicholas Yannelis, 2008. "Ex ante efficiency implies incentive compatibility," Economic Theory, Springer, vol. 36(1), pages 35-55, July.
  13. Oechssler, Jörg & Riedel, Frank, 2000. "On the dynamic foundation of evolutionary stability in continuous models," SFB 373 Discussion Papers 2000,73, Humboldt University of Berlin, Interdisciplinary Research Project 373: Quantification and Simulation of Economic Processes.
  14. Josef Hofbauer & Joerg Oechssler & Frank Riedel, 2005. "Brown-von Neumann-Nash Dynamics: The Continuous Strategy Case," Game Theory and Information 0512003, EconWPA.
  15. Sun, Yeneng, 2006. "The exact law of large numbers via Fubini extension and characterization of insurable risks," Journal of Economic Theory, Elsevier, vol. 126(1), pages 31-69, January.
  16. Kiyotaki, Nobuhiro & Wright, Randall, 1989. "On Money as a Medium of Exchange," Journal of Political Economy, University of Chicago Press, vol. 97(4), pages 927-54, August.
  17. Boylan Richard T., 1995. "Continuous Approximation of Dynamical Systems with Randomly Matched Individuals," Journal of Economic Theory, Elsevier, vol. 66(2), pages 615-625, August.
  18. Boylan, Richard T., 1990. "Laws of Large Numbers for Dynamical Systems with Randomly Matched Individuals," Working Papers 748, California Institute of Technology, Division of the Humanities and Social Sciences.
  19. Dale T. Mortensen & Christopher A. Pissarides, 1993. "Job Creation and Job Destruction in the Theory of Unemployment," CEP Discussion Papers dp0110, Centre for Economic Performance, LSE.
  20. Edward J. Green & Ruilin Zhou, 2002. "Dynamic Monetary Equilibrium in a Random Matching Economy," Econometrica, Econometric Society, vol. 70(3), pages 929-969, May.
  21. Sandholm, William H., 2001. "Potential Games with Continuous Player Sets," Journal of Economic Theory, Elsevier, vol. 97(1), pages 81-108, March.
  22. Konrad Podczeck, 2010. "On existence of rich Fubini extensions," Economic Theory, Springer, vol. 45(1), pages 1-22, October.
  23. Okuno-Fujiwara Masahiro & Postlewaite Andrew, 1995. "Social Norms and Random Matching Games," Games and Economic Behavior, Elsevier, vol. 9(1), pages 79-109, April.
  24. Zhu, Tao, 2003. "Existence of a monetary steady state in a matching model: indivisible money," Journal of Economic Theory, Elsevier, vol. 112(2), pages 307-324, October.
  25. Boylan, Richard T., 1992. "Laws of large numbers for dynamical systems with randomly matched individuals," Journal of Economic Theory, Elsevier, vol. 57(2), pages 473-504, August.
  26. Michi Kandori, 2010. "Social Norms and Community Enforcement," Levine's Working Paper Archive 630, David K. Levine.
  27. Molzon, Robert & Puzzello, Daniela, 2008. "Random Matching and Aggregate Uncertainty," MPRA Paper 8603, University Library of Munich, Germany.
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Citations

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Cited by:
  1. C. Mendolicchio & D. Paolini & T. Pietra, 2010. "Investments in education and welfare in a two-sector, random matching economy," Working Papers 702, Dipartimento Scienze Economiche, Universita' di Bologna.
  2. Mihaela Schaar & Jie Xu & William Zame, 2013. "Efficient online exchange via fiat money," Economic Theory, Springer, vol. 54(2), pages 211-248, October.
  3. Braz Camargo & Benjamin Lester, 2011. "Trading dynamics in decentralized markets with adverse selection," Working Papers 11-36, Federal Reserve Bank of Philadelphia.
  4. Lee, Manjong, 2013. "Coexistence and welfare cost of inflation," Journal of Macroeconomics, Elsevier, vol. 36(C), pages 23-32.

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