Existence of independent random matching

DOI10.1214/105051606000000673zbMATH Open1135.60044arXivmath/0703034OpenAlexW3105231985MaRDI QIDQ2467123FDOQ2467123

Yeneng Sun, Darrell Duffie

Publication date: 18 January 2008

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

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.

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)

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Cited In (33)

• Investments in education and welfare in a two-sector, random matching economy
• Financial intermediation in an overlapping generations model with transaction costs
• Loeb extension and Loeb equivalence II
• Information percolation in segmented markets
• A new equilibrium in the one-sided asymmetric information market with pairwise meetings
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