A functional central limit theorem for equilibrium paths of economic dynamics (Q1975172)

In this paper is considered an economic system influenced by random factors which are given in terms of a stochastic process \(\{s_t\}\), \(t\in (0,\pm 1,\pm 2,\dots)\). The production possibilities are given by technology sets and depend on current states of the process \(\{s_t\}\). Consumer demand behavior depends on the current \(\{s_t\}\). The equilibrium path is an equilibrium trajectory given by the inputs, outputs, consumption vectors and price vectors. For each period of time \(t\) the following conditions are considered: 1) The equilibrium input-output pair maximizes the expected profit; 2) The equilibrium consumption vector for the given equilibrium prices is in the set of most refered commodity bundle; 3) The material and financial balance constraints hold. Production, consumption and prices at time \(t\) may depend on the present and past states of the world \(\dots{}s_{t-1},s_t\) but not on the future states \(s_{t+1}\dots\;\). The stochastic process \(\{s_t\}\) is considered as stationary and the character of dependence of tecnology and demand on \(s_t\) does not change with time. For the central limit theorems it is supposed that the process is Markovian and uniformly strongly mixing. This model is analyzed.