Stochastic Economies with Locally Interacting Agents

Igor Evstigneev and M. I. Taksar

Working Papers from Santa Fe Institute

Abstract: The paper analyzes a stochastic model of an economy with locally interacting agents. The mathematical basis of the study is a control theory for random fields on a directed graph. The graph involved in the model describes directions of commodity flows in the economy. We consider equilibria of the economic system, i.e., those states of it in which material and financial balance constraints are satisfied and all the agents choose their most preferred programs. Conditions are examined under which such states exist and are unique. In the present paper, results obtained previously for finite graphs are extended to infinite graphs.

Date: 2001-03
New Economics Papers: this item is included in nep-evo
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:wop:safiwp:01-03-018

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