Evolution and Market Behavior: Complexity and Growth
speaker: Larry Blume (Cornell University)abstract: This paper takes up two issues in the study of wealth dynamics and market selection. First, current work has largely been carried out in exchange economies in which endowments are tightly controlled. Understanding the implications of market selection for macroeconomics and finance requires breaking these constraints. We describe some new results for production economies and economies with unbounded endowment processes.
Second, most of the models analyzed so far converge to representative agent economies. Selection criteria in simple economies often allow us to identify a single trader type which will accumulate most of the available resources in the long run. Here we examine some economies where this does not happen. The survival of heterogeneous trader types has implications for long run price behavior which are distinctly different for the economies which are usually studied.
timetable:
Sat 3 Oct, 9:00 - 10:00, Aula 3
documents:
blume
<< Go back