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Economic Dynamics and Information von Zajac, Jaroslav (eBook)

  • Erscheinungsdatum: 01.08.2007
  • Verlag: Springer-Verlag
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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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