کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
966618 | 1479263 | 2015 | 5 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Increasing complexity in structurally stable models: An application to a pure exchange economy
ترجمه فارسی عنوان
افزایش پیچیدگی در مدل های سازگار با ثبات: یک برنامه کاربردی به اقتصاد ارزشی خالص
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کلمات کلیدی
مدل سازی اقتصادی، ثبات ساختاری، استحکام به عقلانیت محدود،
موضوعات مرتبط
مهندسی و علوم پایه
ریاضیات
ریاضیات کاربردی
چکیده انگلیسی
A model M is defined (see Anderlini and Canning (2001) and Yu et al. (2009) ) as a quadruple M={Î,X,F,R}, where Î and X represent the parameter and actions spaces, respectively, F is a correspondence defining the feasible actions and R is a real-valued function which measures the degree of rationality of the feasible actions. We recall that structural stability means the continuity of the equilibrium set with respect to small perturbations of the parameters and that robustness to bounded rationality holds if small deviations from rationality imply small changes in the equilibrium set. In this paper we extend M to a model MÌ={ÎÌ,XÌ,FÌ,RÌ}, where ÎÌ is defined as the set of all compact subsets of Î, XÌ=X, FÌ and RÌ are the feasibility and rationality correspondences which extend F and R, respectively. MÌ is more complex than M, since M is embedded into MÌ in a natural way. We show that the structural stability of M implies the structural stability of MÌ and that MÌ is robust to bounded rationality if RÌ is lower semi-continuous. This abstract characterization of complexity is important because it can be used to appraise the nontrivial issue of whether structural stability and robustness to bounded rationality are preserved when a structurally stable model M is extended to MÌ. By applying this abstract construction to a pure exchange economy, the result by Loi and Matta (2010), concerning the stability of the equilibrium set with respect to perturbations of endowments along a given path, is extended to perturbations of paths under bounded rationality.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Mathematical Economics - Volume 57, March 2015, Pages 20-24
Journal: Journal of Mathematical Economics - Volume 57, March 2015, Pages 20-24
نویسندگان
Andrea Loi, Stefano Matta,