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The Nature of Stochastic Equilibria

By: Jerry R. Green and Mukul Majumdar
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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

Stochastic Equilibria; Econometric Models

Citation

Green, Jerry R., and Mukul Majumdar. "The Nature of Stochastic Equilibria." Econometrica 43, no. 4 (July 1975): 647–660.

About The Author

Jerry R. Green

Negotiation, Organizations & Markets
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