Article ID Journal Published Year Pages File Type
5099189 Journal of Economic Dynamics and Control 2009 17 Pages PDF
Abstract
The paper develops a stochastic dynamic model of economic equilibrium with locally interacting agents. The main focus of the study is on the modeling of market interactions - those arising in connection with commodity exchange and regulated by price mechanisms. The mathematical framework is a control theory for random vector fields on directed graphs. The graphs involved serve to describe the spatio-temporal structure of commodity flows in the system. The main results are concerned with the existence, uniqueness and stability of stochastic dynamic equilibria.
Related Topics
Physical Sciences and Engineering Mathematics Control and Optimization
Authors
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