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Some general results on equilibrium prices in large random exchange economies. (English) Zbl 1119.91338

In this paper a sequence of economies is considered where the number n of agents is growing, where the stochastic interaction between agents is described by dependency neighbourhoods and where there are (random) equilibrium price vectors for each economy. Then the paper firstly looks for conditions such that for growing n there is a certain convergence behaviour of the sequence of the mentioned price vectors (asymptotic normality), and secondly an estimation of the convergence rate is given. Examples, full proofs, hints for further investigations and finally remarks about the relations of this paper to a former one [M. Majumdar and V. I. Rotar, Econ. Theory 15, No. 3, 531–550 (2000; Zbl 1028.91025)] are added.

MSC:

91B50 General equilibrium theory
91B24 Microeconomic theory (price theory and economic markets)
93E20 Optimal stochastic control
91B70 Stochastic models in economics
49K45 Optimality conditions for problems involving randomness

Citations:

Zbl 1028.91025
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