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original papers : On characterizing the probability of survival in a large competitive economy

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  • Rabi N. Bhattacharya
  • Mukul Majumdar

Abstract

We consider a Walrasian exchange economy in which an agent is characterized by a utility function, a random endowment vector, and a function that specifies the minimum expenditure necessary for survival at a given price system. If at any equilibrium price system, the income of the agent is no more than the minimum expenditure for survival, it is ruined. The main results characterize the probability of ruin when the number of agents is large. The implications of stochastic dependence among agents are explored.

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  • Rabi N. Bhattacharya & Mukul Majumdar, 2001. "original papers : On characterizing the probability of survival in a large competitive economy," Review of Economic Design, Springer;Society for Economic Design, vol. 6(2), pages 133-153.
    • Handle: RePEc:spr:reecde:v:6:y:2001:i:2:p:133-153
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