Economic Dynamics and Information
Jaroslav Zajac
Aug 2007 · Lecture Notes in Economics and Mathematical Systems Book 576 · Springer Science & Business Media
Ebook
274
Pages
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About this ebook
This book analyzes the existence of equilibria in economies having a measured space of agents and a continuum of agents and commodities. Excessive homogeneity with respect to agent productivity leads to instability and non-uniqueness of a given stationary state and the indeterminacy of the corresponding stationary state equilibrium. Sufficient heterogeneity leads to global saddle-path stability, uniqueness of a given stationary state and the global uniqueness of the corresponding equilibrium.
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