Stochastic equilibria

DOI10.1016/0304-4068(88)90028-6MaRDI QIDQ1123795zbMATH OpenOpenAlexFDO

Authors David C. Nachman

Publication date 1988

Published in Journal of Mathematical Economics (Search for Journal in Brave)

Full work available at URL https://doi.org/10.1016/0304-4068(88)90028-6

zbMATH Keywords

abstract Markov modelatomless valuesstochastic equilibriatemporary equilibriumtransition correspondence

Mathematics Subject Classification ID

General equilibrium theory (91B50)

Review text

\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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Cites work

• scientific article; zbMATH DE number 3547015 (Why is no real title available?)
• scientific article; zbMATH DE number 3244500 (Why is no real title available?)
• scientific article; zbMATH DE number 3186512 (Why is no real title available?)
• Measurable relations
• Multifunctions with values in a space of probability measures
• New techniques for the study of stochastic equilibrium processes
• Stochastic equilibria
• Stochastic processes of temporary equilibria
• The Existence of Probability Measures with Given Marginals

Cited in

(11)

• Stochastic equilibria
• Muddling through: Noisy equilibrium selection
• On the existence of nonoptimal equilibria in dynamic stochastic economies
• A random time-dependent noncooperative equilibrium problem
• Pure and randomized equilibria in the stochastic von Neumann-Gale model
• scientific article; zbMATH DE number 3891054 (Why is no real title available?)
• scientific article; zbMATH DE number 6513404 (Why is no real title available?)
• Stochastic equilibria in von Neumann--Gale dynamical systems
• scientific article; zbMATH DE number 1017502 (Why is no real title available?)
• Equilibrium in misspecified Markov decision processes
• A stochastic differential game of capitalism

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