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Typical Properties Of Large Random Economies With Linear Activities

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  • DE MARTINO, ANDREA
  • MARSILI, MATTEO
  • CASTILLO, ISAAC PEREZ

Abstract

We study the competitive equilibrium of large random economies with linear activities using methods of statistical mechanics. We focus on economies with C commodities, N firms, each running a randomly drawn linear technology, and one consumer. We derive, in the limit N, C ∞ with n=N/C fixed, a complete description of the statistical properties of typical equilibria. We find two regimes, which in the limit of efficient technologies are separated by a phase transition, and argue that endogenous technological change drives the economy close to the critical point.

Suggested Citation

  • De Martino, Andrea & Marsili, Matteo & Castillo, Isaac Perez, 2007. "Typical Properties Of Large Random Economies With Linear Activities," Macroeconomic Dynamics, Cambridge University Press, vol. 11(S1), pages 34-61, November.
    • Handle: RePEc:cup:macdyn:v:11:y:2007:i:s1:p:34-61_06
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