On characterizing the probability of survival in a large competitive economy (Q5954186): Difference between revisions
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scientific article; zbMATH DE number 1698982
| Language | Label | Description | Also known as |
|---|---|---|---|
| English | On characterizing the probability of survival in a large competitive economy |
scientific article; zbMATH DE number 1698982 |
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On characterizing the probability of survival in a large competitive economy (English)
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22 April 2002
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Consider an economy with a finite number of agents, each of whose endowment is random. An agent is ruined if the value of his or her endowment falls below a specified survival level, the latter depending on the aggregate endowment and its distribution. For a Cobb-Douglas economy, the paper computes the probability that an agent ruined, in the limit as the number of agents grows large. For economies with many equilibria, the paper characterizes upper and lower bounds on the ruin probability.
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Walrasian exchange
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survival
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Cobb-Douglas economy
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ruin probability
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