A Law of Large Numbers for Fast Price Adjustment

DOI10.2307/2154020zbMath0774.03036OpenAlexW4232013437MaRDI QIDQ4018424

H. Jerome Keisler

Publication date: 16 January 1993

Full work available at URL: https://doi.org/10.2307/2154020

zbMATH Keywords

Markov processeslaw of large numbersnonstandard analysisLoeb measureexchange economyequilibrium pricelarge sets of weakly interacting particles

Mathematics Subject Classification ID

Economic growth models (91B62) Markov chains (discrete-time Markov processes on discrete state spaces) (60J10) Limit theorems for vector-valued random variables (infinite-dimensional case) (60B12) Other applications of nonstandard models (economics, physics, etc.) (03H10)

Related Items (3)

Approximate tâtonnement processes ⋮ Existence of independent random matching ⋮ Verifiability and group formation in markets

Cites Work

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• Foundations of infinitesimal stochastic analysis
• A martingale approach to the law of large numbers for weakly interacting stochastic processes
• Nonstandard asymptotic analysis
• A convergent process of price adjustment and global Newton methods
• Strong approximation theorems for density dependent Markov chains
• An infinitesimal approach to stochastic analysis
• Bargaining and Competition Part II: Existence
• Nonstandard Exchange Economies
• Markets with a Continuum of Traders

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