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SUMMARY:Stochastic Models of Economic Equilibrium on Directed Graphs - Pro
 f. Michael Dempster\, University of Cambridge\, Judge Business School and 
 Statistical Laboratory
DTSTART:20090304T160000Z
DTEND:20090304T170000Z
UID:TALK16147@talks.cam.ac.uk
CONTACT:Neil Walton
DESCRIPTION:The general objective of this work is to develop a theory of s
 tochastic\ndynamic models of economic equilibrium with locally interacting
 \, asymmetrically informed agents. The focus of the study is on the modeli
 ng of market\ninteractions- those arising in connection with commodity exc
 hange and regu-\nlated by price mechanisms. The main goal is to extend to 
 such models fundamental results of the stochastic theory of economic dynam
 ics: existence theorems for equilibrium and optimal paths over …nite and 
 in…nite time horizons\;\nsensitivity and stability results for such paths
  (in particular\, turnpike theorems)\; existence of stationary equilibria 
 in stationary models. The conventional\napproach to the analysis of intera
 ctions in economic systems\, prevailing in the\ncurrent literature\, is ba
 sed on methods developed in statistical physics\, typically\ninvolving Gib
 bs …elds on undirected graphs. This study pursues a di¤erent approach\, 
 in which a key role is played by control problems for random …elds on\ndi
 rected graphs.
LOCATION:MR15\, CMS\, Wilberforce Road\, Cambridge\, CB3 0WB
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