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Dynamic Systems with a Continuum of Randomly Matched Agents

  • Alos-Ferrer, C.

many models postulate a continuum of agents of finitely many different types who are repeatedly randomly matched in pairs to conform certain activities (e.g. play a game) which may in turn make their types change. The random matching process is usually left unspecified , and some law of large Numbers is informally invoked to justify a deterministic approximation of the resulting stochastic system. Nevertheless, it is well-known that such "law of large numbers" may not hold in the framework. This work shows that there exist random matching processes over a continuum of agents satisfying properties which are sufficient to simplify the analysis of the stochastic system.

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Paper provided by Washington St. Louis - School of Business and Political Economy in its series Papers with number 9801.

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Length: 60 pages
Date of creation: 1998
Date of revision:
Handle: RePEc:fth:waslbp:9801
Contact details of provider: Postal: WASHINGTON UNIVERSITY IN ST-LOUIS, SCHOOL OF BUSINESS AND CENTER IN POLITICAL ECONOMY, ST-LOUIS MISSOURI 63130 U.S.A.
Web page: http://www.olin.wustl.edu/

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  1. McLennan, Andrew & Sonnenschein, Hugo, 1991. "Sequential Bargaining as a Noncooperative Foundation for Walrasian Equilibrium," Econometrica, Econometric Society, vol. 59(5), pages 1395-1424, September.
  2. Judd, Kenneth L., 1985. "The law of large numbers with a continuum of IID random variables," Journal of Economic Theory, Elsevier, vol. 35(1), pages 19-25, February.
  3. 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.
  4. Matsui Akihiko & Matsuyama Kiminori, 1995. "An Approach to Equilibrium Selection," Journal of Economic Theory, Elsevier, vol. 65(2), pages 415-434, April.
  5. Michael Peters, 1995. "On the Equivalence of Walrasian and Non-Walrasian Equilibria in Contract Markets: The case of Complete Contracts," GE, Growth, Math methods 9507001, EconWPA.
  6. Gilboa, Itzhak & Matsui, Akihiko, 1992. "A model of random matching," Journal of Mathematical Economics, Elsevier, vol. 21(2), pages 185-197.
  7. 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.
  8. Feldman, Mark & Gilles, Christian, 1985. "An expository note on individual risk without aggregate uncertainty," Journal of Economic Theory, Elsevier, vol. 35(1), pages 26-32, February.
  9. Peters, Michael, 1991. "Ex Ante Price Offers in Matching Games Non-steady States," Econometrica, Econometric Society, vol. 59(5), pages 1425-54, September.
  10. Harrington, Joseph E, Jr, 1998. "The Social Selection of Flexible and Rigid Agents," American Economic Review, American Economic Association, vol. 88(1), pages 63-82, March.
  11. Jorgen W. Weibull, 1997. "Evolutionary Game Theory," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262731215, June.
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