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Equilibrium prices in a random exchange economy with dependent agents |
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| Authors: | Mukul Majumdar Vladimir Rotar |
| Institution: | (1) Department of Economics, 460 Uris Hall, Cornell University, Ithaca, NY 14853-7601, USA (e-mail: mkm5@cornell.edu), US;(2) Central Economic-Mathematical Institute, Russian Academy of Sciences, Moscow, RUSSIA, RU;(3) Department of Mathematical and Computer Sciences, San Diego State University, San Diego, CA 92182-7220, USA, US |
| Abstract: | Summary. This paper presents a model of a Walrasian exchange economy in which the preferences and endowments of the agents are random. Stochastic interaction among the agents is formally described in terms of dependency neighborhoods. The main result is a characterization of the distribution of market-clearing prices in a large economy. Received: April 23, 1999; revised version: May 6, 1999 |
| Keywords: | and Phrases: Random preferences and endowment Dependent random variables |
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