Journal article
The speed of convergence of prices in random exchange economies
Journal of economic theory, Vol.28(1), pp.71-81
01/01/1982
DOI: 10.1016/0022-0531(82)90092-8
Abstract
We examine the behaviour of prices in an economy in which preferences and endowments are random, and in which no contingent commodity markets exist. Prices are random vectors which produce equilibrium in almost all states of the world. First we prove a result on the speed of convergence of the price vector, as the stochastic economy increases in size, to the equilibrium price vector in a deterministic limit economy. Then we prove a result on the speed of convergence to zero of the error of normal approximation to the random price vector.
Details
- Title: Subtitle
- The speed of convergence of prices in random exchange economies
- Creators
- Paul A Weller - University of Warwick
- Resource Type
- Journal article
- Publication Details
- Journal of economic theory, Vol.28(1), pp.71-81
- DOI
- 10.1016/0022-0531(82)90092-8
- ISSN
- 0022-0531
- eISSN
- 1095-7235
- Publisher
- Elsevier Inc
- Number of pages
- 11
- Language
- English
- Date published
- 01/01/1982
- Academic Unit
- Finance
- Record Identifier
- 9984963150602771
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