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Zoekopdracht: faculteit: "FEB" en publicatiejaar: "2006"

AuteursM. Anufriev, G. Bottazzi, F. Pancotto
TitelEquilibria, stability and asymptotic dominancein a speculative market with hetrogeneous agents
TijdschriftJournal of Economic Dynamics & Control
FaculteitFaculteit Economie en Bedrijfskunde
Instituut/afd.FEB: Amsterdam School of Economics Research Institute (ASE-RI)
SamenvattingWe consider a pure exchange economy where one risky and one riskless security are traded in discrete time. Individual demands are expressed as fractions of individual wealth and depend on traders' forecasts about future price movement.

Introducing the 'Equilibrium Market Line' as the locus of all possible equilibrium returns, we show that, irrespectively of the number of traders and of their investment behavior, the economy possesses isolated equilibria where a single agent dominates the market and continuous manifolds of equilibria where many agents hold finite wealth shares. Moreover, we prove that no global dominance order relation among strategies can be defined.
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