Discrete-space agglomeration model with social interactions: Multiplicity, stability, and continuous limit of equilibria
Takashi Akamatsu,
Shota Fujishima and
Yuki Takayama (takayama.y.cc65@m.isct.ac.jp)
Journal of Mathematical Economics, 2017, vol. 69, issue C, 22-37
Abstract:
This study examines the properties of equilibrium, including the stability, of discrete-space agglomeration models with social interactions. The findings reveal that while the corresponding continuous-space model has a unique equilibrium, the equilibrium in discrete space can be non-unique for any finite degree of discretization by characterizing the discrete-space model as a potential game. Furthermore, it indicates that despite the above result, any sequence of discrete-space models’ equilibria converges to the continuous-space model’s unique equilibrium as the discretization of space is refined.
Keywords: Social interaction; Agglomeration; Discrete space; Potential game; Stability; Evolutionary game theory (search for similar items in EconPapers)
Date: 2017
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Citations: View citations in EconPapers (11)
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Working Paper: Discrete-Space Agglomeration Model with Social Interactions: Multiplicity, Stability, and Continuous Limit of Equilibria (2016)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:mateco:v:69:y:2017:i:c:p:22-37
DOI: 10.1016/j.jmateco.2016.12.007
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