This paper introduces a multisector model of commodity markets with storage, where equilibrium is defined by profit maximization, arbitrage and market clearing conditions. We then solve for the decentralized equilibrium via a corresponding dynamic program. We also describe the dynamics of the...

Using a variation of the coupling from the past technique, this paper develops algorithms which generate independent observations from the stationary distributions of various dynamic economic models. These variates can be used for calibration, calculation of steady state phenomena, and...

A novel quantum Smoluchowski dynamics in an external, nonlinear potential has been derived recently. In its original form, this overdamped quantum dynamics is not compatible with the second law of thermodynamics if applied to periodic, but asymmetric ratchet potentials. An improved version of...

We consider a system of stochastic equations which models the population dynamics of a prey-predator type. We show that the distributions of the solutions of this system are absolutely continuous. We analyse long-time behaviour of densities of the distributions of the solutions. We prove that...

The paper demonstrates global stability in a class of stochastic overlapping generations economies with increasing returns. These results are applied to the study of path dependent dynamics. In particular, for nonlinear stochastic models it is seen that persistence of the historical state and...