arXiv Open Access 2025

Convergence to equilibrium for a class of exchange economies

R. S. MacKay

Lihat Sumber

Abstrak

For a class of stochastic dynamical models of exchange economies that we call ``fully connected Cobb-Douglas'', the paper proves convergence of the probability distribution to an equilibrium, in total variation metric as time goes to infinity. The convergence is exponential and the equilibrium is determined uniquely by the number of agents, their ``exponents'', and the initial amounts of money and goods in the economy.

Topik & Kata Kunci

math.PR

Penulis (1)

R. S. MacKay

Format Sitasi

APA MLA BibTeX

MacKay, R.S. (2025). Convergence to equilibrium for a class of exchange economies. https://arxiv.org/abs/2506.11770

Akses Cepat

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Informasi Jurnal

Tahun Terbit: 2025
Bahasa: en
Sumber Database: arXiv
Akses: Open Access ✓