Existence of independent random matching

DOI10.1214/105051606000000673MaRDI QIDQ2467123zbMATH OpenOpenAlexFDO

Authors Yeneng Sun, Darrell Duffie

Publication date 18 January 2008

Published in The Annals of Applied Probability (Search for Journal in Brave)

Full work available at URL https://arxiv.org/abs/math/0703034

zbMATH Keywords

independenceMarkov chainsmutationRandom matching

Mathematics Subject Classification ID

Discrete-time Markov processes on general state spaces (60J05) Matching models (91B68) Probabilistic measure theory (60A10)

Abstract: This paper shows the existence of independent random matching of a large (continuum) population in both static and dynamic systems, which has been popular in the economics and genetics literatures. We construct a joint agent-probability space, and randomized mutation, partial matching and match-induced type-changing functions that satisfy appropriate independence conditions. The proofs are achieved via nonstandard analysis. The proof for the dynamic setting relies on a new Fubini-type theorem for an infinite product of Loeb transition probabilities, based on which a continuum of independent Markov chains is derived from random mutation, random partial matching and random type changing.

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Cited in

(34)

• Investments in education and welfare in a two-sector, random matching economy
• Financial intermediation in an overlapping generations model with transaction costs
• Information percolation in segmented markets
• A new equilibrium in the one-sided asymmetric information market with pairwise meetings
• Loeb extension and Loeb equivalence II
• Reprint of: ``Information percolation in segmented markets
• Deposit insurance and the coexistence of commercial and shadow banks
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• Loeb extension and Loeb equivalence
• Community enforcement when players observe partners' past play
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