Publications
Publications
- Econometrica
The Nature of Stochastic Equilibria
By: Jerry R. Green and Mukul Majumdar
Abstract
This paper formulates the notion of stochastic equilibria as invariant probability distributions consistent with the behavior patterns of individuals and the disequilibrium adjustment mechanism of the economy. Conditions for existence, uniqueness, and stability of such equilibria are examined.
Keywords
Citation
Green, Jerry R., and Mukul Majumdar. "The Nature of Stochastic Equilibria." Econometrica 43, no. 4 (July 1975): 647–660.