期刊
JOURNAL OF ECONOMIC THEORY
卷 106, 期 2, 页码 417-435出版社
ACADEMIC PRESS INC ELSEVIER SCIENCE
DOI: 10.1006/jeth.2001.2897
关键词
equilibrium; wealth distribution; stochastic preferences; gamma distribution; Markov model; exchange market
类别
We describe an exchange market consisting of many agents with stochastic preferences for two goods. When individuals are indifferent between goods, statistical mechanics predicts that goods and wealth will have steady-state gamma distributions. Simulation studies show that gamma distributions arise for a broader class of preference distributions. We demonstrate this mathematically in the limit of large numbers of individual agents. These studies illustrate the potential power of a statistical mechanical approach to stochastic models in economics and suggest that gamma distributions will describe steady-state wealths for a class of stochastic models with periodic redistribution of conserved quantities. Journal of Economic Literature Classification Numbers: C15, C62, C73, D3, D5. (C) 2002 Elsevier science (USA).
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