Article ID | Journal | Published Year | Pages | File Type |
---|---|---|---|---|
5099189 | Journal of Economic Dynamics and Control | 2009 | 17 Pages |
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.
Keywords
Related Topics
Physical Sciences and Engineering
Mathematics
Control and Optimization
Authors
Igor Evstigneev, Michael Taksar,