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Perturbed Utility and General Equilibrium Analysis

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  • Wei Ma

Abstract

We study general equilibrium theory of complete markets in an otherwise standard economy with each household having an additive perturbed utility function. Since this function represents a type of stochastic choice theory, the equilibrium of the corresponding economy is defined to be a price vector that makes its mean expected demand equal its mean endowment. We begin with […]

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  • Wei Ma, 2017. "Perturbed Utility and General Equilibrium Analysis," Working Papers 654, Economic Research Southern Africa.
    • Handle: RePEc:rza:wpaper:654
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    Cited by:

    1. Wei Ma, 2023. "Random dual expected utility," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 75(2), pages 293-315, February.
    2. Quach, Sara & Jebarajakirthy, Charles & Thaichon, Park, 2017. "Aesthetic labor and visible diversity: The role in retailing service encounters," Journal of Retailing and Consumer Services, Elsevier, vol. 38(C), pages 34-43.
    3. Roy Allen & John Rehbeck, 2021. "A Generalization of Quantal Response Equilibrium via Perturbed Utility," Games, MDPI, vol. 12(1), pages 1-16, March.

    More about this item

    Keywords

    Institutional Economics; Other Macroeconomic Variables;

    JEL classification:

    • D5 - Microeconomics - - General Equilibrium and Disequilibrium
    • D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
    • D58 - Microeconomics - - General Equilibrium and Disequilibrium - - - Computable and Other Applied General Equilibrium Models

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