Perturbed Utility and General Equilibrium Analysis

Wei Ma

No 654, Working Papers from Economic Research Southern Africa

Abstract: We study general equilibrium theory of complete markets in an otherwise standard economy with each household having an additive perturbed utility function. Since this function represents a type of stochastic choice theory, the equilibrium of the corresponding economy is defined to be a price vector that makes its mean expected demand equal its mean endowment. We begin with […]

Keywords: Institutional Economics; Other Macroeconomic Variables (search for similar items in EconPapers)
JEL-codes: D5 D50 D58 (search for similar items in EconPapers)
Date: 2017-11-01
New Economics Papers: this item is included in nep-hpe, nep-mic and nep-upt
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