Hammond, Peter J.; Sun, Yeneng - In: Economic Theory 21 (2003) 2, pp. 743-766
Suppose a large economy with individual risk is modeled by a continuum of pairwise exchangeable random variables (i.i.d., in particular). Then the relevant stochastic process is jointly measurable only in degenerate cases. Yet in Monte Carlo simulation, the average of a large finite draw of the...