Stochastic equilibria (Q1123795)
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scientific article; zbMATH DE number 4110422
| Language | Label | Description | Also known as |
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| English | Stochastic equilibria |
scientific article; zbMATH DE number 4110422 |
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Stochastic equilibria (English)
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1988
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\textit{L. E. Blume} [J. Math. Econ. 9, 61-70 (1982; Zbl 0471.90028)] shows that the transition correspondence (equilibrium correspondence) associated with `pure' stochastic equilibria in an abstract Markov model of temporary equilibrium is convex valued if, in addition to some assumptions, the transition probability \(\psi\) describing the Markovian evolution of the exogenous random variable has atomless values. In this paper this result is obtained without the hypothesis of atomless values of \(\psi\) by considering all stochastic equilibria, not just the `pure' ones.
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transition correspondence
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abstract Markov model
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temporary equilibrium
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atomless values
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stochastic equilibria
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0.7955328822135925
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0.765152096748352
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0.765152096748352
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0.7598990201950073
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