Dynamic interaction models of economic equilibrium
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.
Year of publication: |
2009
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Authors: | Evstigneev, Igor ; Taksar, Michael |
Published in: |
Journal of Economic Dynamics and Control. - Elsevier, ISSN 0165-1889. - Vol. 33.2009, 1, p. 166-182
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Publisher: |
Elsevier |
Keywords: | Economies with locally interacting agents Market interactions Stochastic equilibrium dynamics Random fields on directed structures Stationary (invariant) equilibria |
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