英文文献:Decentralized Trade, Random Utility and the Evolution of Social Welfare-分散贸易、随机效用与社会福利的演变
英文文献作者:Michihiro Kandori,Roberto Serrano,Oscar Volij
英文文献摘要:
We study decentralized trade processes in general exchange economies and house allocation problems with and without money. Such processes are subject to persistent random shocks stemming from agents’ maximization of random utility. By imposing structure on the utility noise term —logit distribution—, one is able to calculate exactly the stationary distribution of the perturbed Markov process for any level of noise. We show that the stationary distribution places the largest probability on the maximizer of several social welfare functions in different variants of the model.
我们研究一般交换经济中的分散贸易过程,以及有钱和没有钱的房屋分配问题。这类过程受到来自于个体随机效用最大化的持续随机冲击。通过在公用事业噪音项上施加结构- logit分布-,我们能够精确地计算出任何噪音水平的摄动马尔科夫过程的平稳分布。在模型的不同变量中,平稳分布将最大的概率置于多个社会福利函数的最大值上。


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