Equilibrium in Stochastic Economic Models

摘要: Publisher Summary This chapter discusses the equilibrium in stochastic economic models. Much of analytical work theory is devoted to characterization some sort an or a steady state. An typically state system satisfying basic consistency conditions that make it self-perpetuating once attained. Perhaps simplest example single market which demand and supply commodity are functions price alone. vector has property planned equals supply. In particular, if prevailing price, there will be no pressures for bringing about change price. The briefly conceptual problems defining models economics. A dynamic model resource allocation under uncertainty direct relevance practical planning analyzed. this model, planner follows classical rule price-adjustment by raising when excess lowering