Purpose – The reasons for writing the paper are flexibility of information under multi‐agent approach. Design/methodology/approach – The main method used for the research is preferences in environment and matching of information. Findings – The benefits of hierarchy flow from the fact...

This book analyzes the existence of equilibria in economies having a measured space of agents and a continuum of agents and commodities. Excessive homogeneity with respect to agent productivity leads to instability and non-uniqueness of a given stationary state and the indeterminacy of the...