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Economic Dynamics And Information
- EAN:
9783540326946
- ISBN:
3540326944
- Pagine:
- 274
- Formato:
- Paperback
- Lingua:
- Tedesco
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Descrizione Economic Dynamics And Information
This book analyzes the existence of equilibria in economies having a measured space of agents and a continuum of agents and commodities. Excessive homogeneity with respect to agent productivity leads to instability and non-uniqueness of a given stationary state and the indeterminacy of the corresponding stationary state equilibrium. Sufficient heterogeneity leads to global saddle-path stability, uniqueness of a given stationary state and the global uniqueness of the corresponding equilibrium.
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