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Dynamic interaction models of economic equilibrium

Listed author(s):
  • Evstigneev, Igor
  • Taksar, Michael

The paper develops a stochastic dynamic model of economic equilibrium with locally interacting agents. The main focus of the study is on the modeling of market interactions - those arising in connection with commodity exchange and regulated by price mechanisms. The mathematical framework is a control theory for random vector fields on directed graphs. The graphs involved serve to describe the spatio-temporal structure of commodity flows in the system. The main results are concerned with the existence, uniqueness and stability of stochastic dynamic equilibria.

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File URL: http://www.sciencedirect.com/science/article/pii/S0165-1889(08)00088-2
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Article provided by Elsevier in its journal Journal of Economic Dynamics and Control.

Volume (Year): 33 (2009)
Issue (Month): 1 (January)
Pages: 166-182

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Handle: RePEc:eee:dyncon:v:33:y:2009:i:1:p:166-182
Contact details of provider: Web page: http://www.elsevier.com/locate/jedc

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