Stochastic Equilibria in Von Neumann-Gale Dynamical Systems

The paper examines a class of random dynamical systems related to the classical von Neumann and Gale models of economic dynamics. Such systems are defined in terms of multivalued operators in spaces of random vectors, possessing certain properties of convexity and homogeneity. We establish a general existence theorem for equilibrium, which holds under conditions analogous to the standard deterministic ones. Our results answer questions that remained open for more than three decades

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Year of publication:	2006
Authors:	Evstigneev, Igor V. ; Schenk-Hoppé, Klaus Reiner
Publisher:	[S.l.] : SSRN
Subject:	Gleichgewichtstheorie \| Equilibrium theory \| Stochastischer Prozess \| Stochastic process \| Dynamische Wirtschaftstheorie \| Economic dynamics \| Wahrscheinlichkeitsrechnung \| Probability theory \| Optimales Wachstum \| Optimal growth

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