Stochastic Economies with Locally Interacting Agents

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Stochastic Economies with Locally Interacting Agents

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I. V. Evstigneev
M. I. Taksar

Abstract

The paper analyzes a stochastic model of an economy with locally interacting agents. The mathematical basis of the study is a control theory for random fields on a directed graph. The graph involved in the model describes directions of commodity flows in the economy. We consider equilibria of the economic system, i.e., those states of it in which material and financial balance constraints are satisfied and all the agents choose their most preferred programs. Conditions are examined under which such states exist and are unique. In the present paper, results obtained previously for finite graphs are extended to infinite graphs.

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Paper provided by Santa Fe Institute in its series Working Papers with number 01-03-018.

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Date of creation: Mar 2001
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Handle: RePEc:wop:safiwp:01-03-018

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This paper has been announced in the following NEP Reports:

NEP-EVO-2001-07-17 (Evolutionary Economics)

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Evstigneev, I. & Taksar, M., 1994. "Stochastic equilibria on graphs, I," Journal of Mathematical Economics, Elsevier, vol. 23(5), pages 401-433, September. [Downloadable!] (restricted)
Other versions:
- Evstigneev,Igor & Taksar,Michael, 1993. "Stochastic equilibria on graphs II," Discussion Paper Serie A 395, University of Bonn, Germany.
- Evstigneev,Igor & Taksar,Michael, 1992. "Stochastic equilibria on graphs,I," Discussion Paper Serie A 391, University of Bonn, Germany.
- Evstigneev, I. V. & Taksar, M., 1995. "Stochastic equilibria on graphs, II," Journal of Mathematical Economics, Elsevier, vol. 24(4), pages 383-406. [Downloadable!] (restricted)
Brock, William A & Mirman, Leonard J, 1973. "Optimal Economic Growth and Uncertainty: The No Discounting Case," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 14(3), pages 560-73, October. [Downloadable!] (restricted)
Blume Lawrence E., 1993. "The Statistical Mechanics of Strategic Interaction," Games and Economic Behavior, Elsevier, vol. 5(3), pages 387-424, July. [Downloadable!] (restricted)
Yannis M. Ioannides, 1996. "Evolution of Trading Structures," Working Papers 96-04-020, Santa Fe Institute.
Bewley, Truman F., 1981. "Stationary equilibrium," Journal of Economic Theory, Elsevier, vol. 24(2), pages 265-295, April. [Downloadable!] (restricted)
Majumdar, Mukul & Zilcha, Itzhak, 1987. "Optimal growth in a stochastic environment: Some sensitivity and turnpike results," Journal of Economic Theory, Elsevier, vol. 43(1), pages 116-133, October. [Downloadable!] (restricted)
William Brock & Steven N. Durlauf, 2000. "Interactions-Based Models," NBER Technical Working Papers 0258, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
Other versions:
- William A. Brock & Steven N. Durlauf, 2000. "Interactions-Based Models," Working Papers 00-05-028, Santa Fe Institute.
- Brock, William A. & Durlauf, Steven N., 2001. "Interactions-based models," Handbook of Econometrics, in: J.J. Heckman & E.E. Leamer (ed.), Handbook of Econometrics, edition 1, volume 5, chapter 54, pages 3297-3380 Elsevier. [Downloadable!] (restricted)
Radner, Roy, 1973. "Optimal stationary consumption with stochastic production and resources," Journal of Economic Theory, Elsevier, vol. 6(1), pages 68-90, February. [Downloadable!] (restricted)
Follmer, Hans, 1974. "Random economies with many interacting agents," Journal of Mathematical Economics, Elsevier, vol. 1(1), pages 51-62, March. [Downloadable!] (restricted)
Bewley, Truman, 1982. "An integration of equilibrium theory and turnpike theory," Journal of Mathematical Economics, Elsevier, vol. 10(2-3), pages 233-267, September. [Downloadable!] (restricted)

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