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Тема диссертации
Defaults and infinite prices in a stochastic pure exchange model
Тип публикации
Статья
Язык публикации
Русский
Название журнала/сборника
Applied Mathematics and Computation, Volume 218 (2012), Issue 16
Год
2012
Номера страниц
8112-8119
Аннотация
A stochastic pure exchange model with perfect foresight is considered. Real indeterminacy
arises in this setting in the form of continuum of equilibria corresponding to different commodity
allocations. The cause of real indeterminacy is arbitrariness of prices at the final
date. If some arbitrary price tends to infinity then the equilibrium in the limit has an intuitive
economic interpretation. The limiting equilibrium with formally infinite prices we
interpret as an equilibrium with default: if a special state of the environment occurs, consumers
may forget about their debts and savings and start new life from scratch.
Existence of equilibria with defaults is proven. A numerical experiment shows that in
some cases equilibria with finite prices are Pareto dominated by equilibria with defaults.
Включена в систему цитирования Web of Science
Нет
Включена в Scopus
Да
Из списка ВАК
Да
Включена в РИНЦ
Нет
В рамках Госзадания
Нет
