Existence of a statistical equilibrium for an economy with endogenous offer sets

DOI10.1007/S00199-009-0493-6MaRDI QIDQ607477zbMATH OpenOpenAlexFDO

Authors Alexis Akira Toda

Publication date 22 November 2010

Published in Economic Theory (Search for Journal in Brave)

Full work available at URL https://doi.org/10.1007/s00199-009-0493-6

zbMATH Keywords

endogenous offerentropyequilibrium of economymaximum entropy principlestatistical equilibrium

Mathematics Subject Classification ID

Auctions, bargaining, bidding and selling, and other market models (91B26) Special types of economic equilibria (91B52)

Review text

The referred paper extends the concept of statistical equilibrium to economies with endogenous offer sets, and proves its existence in such economies. The term ``statistical equilibrium denotes the distribution over offer sets that can be achieved for a maximal number of agents. The main contributions of the paper consist in the generalization of the concept of statistical equilibrium, in the proof of its existence, in the analysis of computational algorithm developed for its specification, and in the discussion of an application of the presented theory to the labor market and minimal wage analysis.

Recommendations

• A statistical equilibrium theory of markets
• Information equilibrium. I: Existence
• Statistical equilibrium in one-step forward looking economic models
• Theory of Economic Equilibrium
• scientific article; zbMATH DE number 3882150

Cites work

• A statistical equilibrium theory of markets
• Axiomatic derivation of the principle of maximum entropy and the principle of minimum cross-entropy
• Convex Analysis
• Existence of an Equilibrium for a Competitive Economy
• scientific article; zbMATH DE number 1324223 (Why is no real title available?)
• scientific article; zbMATH DE number 3281211 (Why is no real title available?)
• scientific article; zbMATH DE number 3044871 (Why is no real title available?)
• Information Theory and Statistical Mechanics
• On rings of operators. III
• Prior Probabilities
• The Maximum-Entropy Distribution of the Future Market Price of a Stock

Cited in

(10)

• A statistical equilibrium theory of markets
• An entropic framework for modeling economies
• Unhedgeable shocks and statistical economic equilibrium
• Bayesian general equilibrium
• The limit distribution of evolving strategies in financial markets
• Discretizing distributions with exact moments: error estimate and convergence analysis
• Market Equilibrium with Hidden Knowledge and Self-Selection
• STATISTICAL EQUILIBRIUM IN A SIMPLE LABOR MARKET
• Tuning parameter-free nonparametric density estimation from tabulated summary data
• Productivity dispersion and allocation of labor among firms in economics

This page was built for publication: Existence of a statistical equilibrium for an economy with endogenous offer sets

Report a bug (only for logged in users!)Click here to report a bug for this page (MaRDI item Q607477)