Economic Dynamics and Information
Description
This book analyzes the existence of equilibria in economies having a measured space of agents and a continuum of agents and commodities. Excessive homogeneity with respect to agent productivity leads to instability and non-uniqueness of a given stationary state and the indeterminacy of the corresponding stationary state equilibrium. Sufficient heterogeneity leads to global saddle-path stability, uniqueness of a given stationary state and the global uniqueness of the corresponding equilibrium.
Keywords
Business & EconomicsMathematicsEconomicsTheoryComputersIntelligence (AI) & SemanticsMacroeconomicsGame Theory
2006Book
Author(s)Jaroslav Zajac
PublisherSpringer Science & Business Media
ISBN9783540326946
LanguageEnglish
