 Equilibrium States of Random Economies with Locally Interacting Agents and Solutions to Stochastic Variational Inequalities in 〈L 1,L ∞ 〉I.V. Evstigneev () and M.I. Taksar () Annals of Operations Research, 2002, vol. 114, issue 1, 145-165 Abstract: We study a stochastic model of an economy with locally interacting agents. The basis of the study is a deterministic model of dynamic economic equilibrium proposed by Polterovich. We generalize Polterovich's theory, in particular, in two respects. We introduce stochastics and consider a version of the model with local interactions between the agents. The structure of the interactions is described in terms of random fields on a directed graph. Equilibrium states of the system are solutions to certain variational inequalities in spaces of random vectors. By analyzing these inequalities, we establish an existence theorem for equilibrium, which generalizes and refines a number of previous results. Copyright Kluwer Academic Publishers 2002 Keywords: random economies; locally interacting agents; stochastic equilibrium; monotone operators; variational inequalities; “biting lemma” (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:spr:annopr:v:114:y:2002:i:1:p:145-165:10.1023/a:1021010220217 Ordering information: This journal article can be ordered from Access Statistics for this article Annals of Operations Research is currently edited by Endre Boros More articles in Annals of Operations Research from Springer |
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