MARC details
| 000 -LEADER |
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| fixed length control field |
02336nam a22002777a 4500 |
| 003 - CONTROL NUMBER IDENTIFIER |
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| control field |
ZW-GwMSU |
| 005 - DATE AND TIME OF LATEST TRANSACTION |
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| control field |
20240402121157.0 |
| 008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION |
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| fixed length control field |
240402b |||||||| |||| 00| 0 eng d |
| 022 ## - INTERNATIONAL STANDARD SERIAL NUMBER |
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| International Standard Serial Number |
0938229 |
| 040 ## - CATALOGING SOURCE |
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| Original cataloging agency |
MSU |
| Language of cataloging |
English |
| Transcribing agency |
MSU |
| Description conventions |
rda |
| 050 00 - LIBRARY OF CONGRESS CALL NUMBER |
|---|
| Classification number |
HB119 ECO |
| 100 1# - MAIN ENTRY--PERSONAL NAME |
|---|
| Personal name |
Smith, Eric |
| Relator term |
author |
| 245 10 - TITLE STATEMENT |
|---|
| Title |
Unhedgeable shocks and statistical economic equilibrium |
| Statement of responsibility, etc. |
created by Eric Smith, Duncan K. Foley and Benjamin H. Good |
| 264 1# - PRODUCTION, PUBLICATION, DISTRIBUTION, MANUFACTURE, AND COPYRIGHT NOTICE |
|---|
| Place of production, publication, distribution, manufacture |
Berlin: |
| Name of producer, publisher, distributor, manufacturer |
Springer, |
| Date of production, publication, distribution, manufacture, or copyright notice |
2013 |
| 336 ## - CONTENT TYPE |
|---|
| Source |
rdacontent |
| Content type term |
text |
| Content type code |
txt |
| 337 ## - MEDIA TYPE |
|---|
| Source |
rdamedia |
| Media type term |
unmediated |
| Media type code |
n |
| 338 ## - CARRIER TYPE |
|---|
| Source |
rdacarrier |
| Carrier type term |
volume |
| Carrier type code |
nc |
| 440 ## - SERIES STATEMENT/ADDED ENTRY--TITLE |
|---|
| Title |
Economic theory |
| Volume/sequential designation |
Volume 52, number 1 |
| 520 3# - SUMMARY, ETC. |
|---|
| Summary, etc. |
We develop a statistical concept of economic equilibrium as the stationary distribution of a random walk on the exchange equilibrium set (the contract set) of a pure exchange economy induced by unhedgeable shocks that perturb the economy from the exchange equilibrium set and subsequent disequilibrium trading that returns the economy to a new equilibrium. The Fokker–Planck equation for the resulting drift-diffusion process implies that the stationary distribution is independent of the size of the shock so that a small-disturbance limiting distribution is well defined. We present explicit solutions for the statistical equilibrium for the cases of quasilinear and Gorman-aggregatable Cobb–Douglas economies, and illustrate the results in the context of a generic dividend-discount model to emphasize the distinction between insurable risk and unhedgeable uncertainty in this context. The statistical equilibrium of income or wealth for quasilinear economies is described by an exponential Gibbs distribution. The statistical equilibrium income and wealth distributions for Gorman-aggregatable Cobb–Douglas economies can take a wider variety of forms, including power-law and gamma distributions. The statistical equilibria calculated for these examples suggest a close relation to widely observed statistical distributional regularities in real-world economies. |
| 650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM |
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| Topical term or geographic name entry element |
Economic equilibrium |
| Form subdivision |
Statistical economic equilibrium |
| General subdivision |
Income and wealth distribution |
| 650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM |
|---|
| Topical term or geographic name entry element |
Walrasian competitive equilibrium |
| 700 1# - ADDED ENTRY--PERSONAL NAME |
|---|
| Personal name |
Foley, Duncan |
| Relator term |
co author |
| 700 1# - ADDED ENTRY--PERSONAL NAME |
|---|
| Personal name |
Good, Benjamin |
| Relator term |
co author |
| 856 ## - ELECTRONIC LOCATION AND ACCESS |
|---|
| Uniform Resource Identifier |
https://doi.org/10.1007/s00199-011-0663-1 |
| 942 ## - ADDED ENTRY ELEMENTS (KOHA) |
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| Source of classification or shelving scheme |
Library of Congress Classification |
| Koha item type |
Journal Article |