Econometrica

Journal Of The Econometric Society

An International Society for the Advancement of Economic
Theory in its Relation to Statistics and Mathematics

Edited by: Guido W. Imbens • Print ISSN: 0012-9682 • Online ISSN: 1468-0262

Home> Econometrica> Issues> Supplemental Materials>The Nature of Stochastic Equilibria

Econometrica: Jul, 1975, Volume 43, Issue 4

The Nature of Stochastic Equilibria

https://www.jstor.org/stable/1913074
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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