Econometrica: Jul 1975, Volume 43, Issue 4

The Nature of Stochastic Equilibria

https://doi.org/0012-9682(197507)43:4<647:TNOSE>2.0.CO;2-L
p. 647-660

Jerry R. Green, Mukul Majumdar

This paper formulates the notion of stochastic equilibria as invariant probability distributions consistent with the behavior patterns of individuals and the disequilibrium adjustment mechanism of the economy. Conditions for existence, uniqueness, and stability of such equilibria are examined.

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