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Probability of survival in a random exchange economy with dependent agents

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  • Nigar Hashimzade

Abstract

In this paper I analyze the general equilibrium in a random Walrasian economy. Dependence among agents is introduced in the form of dependency neighborhoods. Under the uncertainty, an agent may fail to survive due to a meager endowment in a particular state (direct effect), as well as due to unfavorable equilibrium price system at which the value of the endowment falls short of the minimum needed for survival (indirect terms-of-trade effect). To illustrate the main result I compute the stochastic limit of equilibrium price and probability of survival of an agent in a large Cobb-Douglas economy. Copyright Springer-Verlag Berlin Heidelberg 2003

Suggested Citation

  • Nigar Hashimzade, 2003. "Probability of survival in a random exchange economy with dependent agents," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 21(4), pages 907-912, June.
  • Handle: RePEc:spr:joecth:v:21:y:2003:i:4:p:907-912
    DOI: 10.1007/s00199-002-0258-y
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    File URL: http://hdl.handle.net/10.1007/s00199-002-0258-y
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    Cited by:

    1. 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

    Keywords and Phrases: General equilibrium; Random endowments and preferences.; JEL Classification Numbers: D50; D80.;

    JEL classification:

    • D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General

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