Stochastic multi-agent equilibria in economies with jump-diffusion uncertainty

Article Abstract:

A multi-agent production-exchange economy characterized by both diffusive and shock uncertainty is considered. Economic equilibrium in this setting is established using the theory of martingales and point processes. The equilibrium commodity price, asset prices and the individual agents' optimal policies are modelled in detail. The results of the analysis are discussed.

Stochastic processes, Point processes

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Existence of equilibria in exhaustible resource industries: nonconvexities and discrete vs. continuous time

Article Abstract:

A general paradigm is used to prove that declining or U-shaped average cost curves consistently precludes competitive equilibrium in continuous-time models of finite resource firms. However, this is not the case for discrete-time models of extractive industries. The presence of competitive equilibria when there are nonconvexities can be problematic for these industries.

Mining industry, Discrete-time systems, Discrete time systems, Convex domains, Functions, Continuous, Continuous functions, Nonrenewable natural resources, Nonrenewable resources

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Stability properties for learning with heterogeneous expectations and multiple equilibria

Article Abstract:

Heterogeneous expectations with learning in a simple macroeconomic model of multiple equilibria are examined.

Macroeconomics

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