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Individual Randomness in Economic Models with a Continuum Agents

Author

Listed:
  • Alos-Ferrer, C.

Abstract

The lack of a law of large numbers for a continuum of random variables has casted doubt on several important economic models. This work presents a new framwork for the analysis of stochastic mass phenomena in economic, without departing from usual measure theory techniques.

Suggested Citation

  • Alos-Ferrer, C., 1998. "Individual Randomness in Economic Models with a Continuum Agents," Papers 9807, Washington St. Louis - School of Business and Political Economy.
    • Handle: RePEc:fth:waslbp:9807
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    Citations

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    Cited by:

    1. Carlos Alós-Ferrer, 2003. "Finite Population Dynamics and Mixed Equilibria," International Game Theory Review (IGTR), World Scientific Publishing Co. Pte. Ltd., vol. 5(03), pages 263-290.
    2. Jonas Hedlund & Carlos Oyarzun, 2018. "Imitation in heterogeneous populations," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 65(4), pages 937-973, June.
    3. Hans Gersbach & Jan Wenzelburger, 2004. "Do Risk Premia Protect from Banking Crises," Levine's Bibliography 122247000000000356, UCLA Department of Economics.
    4. Mendolicchio, Concetta & Paolini, Dimitri & Pietra, Tito, 2012. "Investments in education and welfare in a two-sector, random matching economy," Journal of Mathematical Economics, Elsevier, vol. 48(6), pages 367-385.
    5. Hans Gersbach, 2002. "Democratic Mechanisms: Double Majority Rules and Flexible Agenda Costs," CESifo Working Paper Series 749, CESifo.
    6. Marco Magnani, 2010. "Electoral Competition, Decentralization, and Public Investment Underprovision," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 166(2), pages 321-343, June.
    7. Hans Gersbach & Jan Wenzelburger, "undated". "Refined Risk Assessment and Banking Stability," Working Papers ETH-RC-13-005, ETH Zurich, Chair of Systems Design.
    8. M. Magnani, 2006. "Electoral Competition and Incentives to Local Public Good Provision," Economics Department Working Papers 2006-EP13, Department of Economics, Parma University (Italy).
    9. Karavaev, Andrei, 2008. "A Theory of Continuum Economies with Idiosyncratic Shocks and Random Matchings," MPRA Paper 7445, University Library of Munich, Germany.
    10. Carlos Alós-Ferrer, 2003. "Finite Population Dynamics and Mixed Equilibria," International Game Theory Review (IGTR), World Scientific Publishing Co. Pte. Ltd., vol. 5(03), pages 263-290.

    More about this item

    Keywords

    RANDOM VARIABLES ; ECONOMIC MODELS;

    JEL classification:

    • C60 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - General
    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General

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