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About Economic Dynamics and Information (Lecture Notes in Economics and Mathematical Systems, 576)
This book analyzes the existence of equilibria in economies having a measured space of agents and a continuum of agents and commodities. Excessive homogeneity with respect to agent productivity leads to instability and non-uniqueness of a given stationary state and the indeterminacy of the corresponding stationary state equilibrium. Sufficient heterogeneity leads to global saddle-path stability, uniqueness of a given stationary state and the global uniqueness of the corresponding equilibrium.
Detailed Information
| Author: | Zajac, Jaroslav |
|---|---|
| Publication Year: | 2006 |
| ISBN: | 3540326944 |
| Pages: | 284 |
| Language: | other |
| File Size: | 11.9389 |
| Format: | |
| Price: | FREE |
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