Decentralized trade, random utility and the evolution of social welfare.
We study decentralized trade processes in general exchange economies and house allocation problems with and without money. The processes are affected by persistent random shocks stemming from agents' maximization of random utility. By imposing structure on the utility noise term–logit distribution–o...
| Publicado en: | Journal of Economic Theory Vol. 140; no. 1; pp. 328 - 339 |
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| Autores principales: | , , |
| Formato: | Artículo |
| Publicado: |
Academic Press Inc.
May 2008
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| Materias: | |
| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=511381324&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 511381324 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 00220531 RTH jtl: Journal of Economic Theory issn: 00220531 maglogo: N pubinfo: dt: May 2008 vid: 140 iid: 1 pid: 735 pub: Academic Press Inc. artinfo: ui: 511381324 10.1016/j.jet.2007.02.002 ppf: 328 ppct: 11 formats: tig: atl: Decentralized trade, random utility and the evolution of social welfare. aug: au: Kandori, Michihiro Serrano, Roberto Volij, Oscar su: Resource allocation -- Mathematical models Commerce Mathematical models of economics Utility theory Housing Mathematical models of supply & demand sug: subj: Resource allocation -- Mathematical models Commerce Mathematical models of economics Utility theory Housing Mathematical models of supply & demand ab: We study decentralized trade processes in general exchange economies and house allocation problems with and without money. The processes are affected by persistent random shocks stemming from agents' maximization of random utility. By imposing structure on the utility noise term–logit distribution–one is able to calculate exactly the stationary distribution of the perturbed Markov process for any level of noise. We show that the stationary distribution places the largest probability on the maximizers of weighted sums of the agents' (intrinsic) utilities, and this probability tends to 1 as noise vanishes. Copyright (c) 2008 Elsevier Inc. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
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