2006 Fiscal Year Final Research Report Summary
Monetary Equilibria in Random Matching Models
| Project/Area Number |
15530117
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Single-year Grants |
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| Section | 一般 |
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| Research Field |
Economic theory
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| Research Institution | The University of Tokyo |
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Principal Investigator |
KAMIYA Kazuya The University of Tokyo, Graduate School of Economics, Professor, 大学院経済学研究科, 教授 (50201439)
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| Project Period (FY) |
2003 – 2006
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| Keywords | money / random matching models / indeterminacy |
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| Research Abstract |
1. In random matching models with divisible money, I showed that there generically exists a continuum of stationary equilibria. I also explored the logic behind the indeterminacy; a conservation law always exists in such models and it makes economies fragile.
2. I showed that even if there is indeterminacy of equilibria in random matching models with divisible money, some tax-subsidy rule induces an efficient and locally unique equilibrium.
3. In random matching models with divisible money, I showed that there always exist price dispersion equilibria.
4. I found a new technique for proving the existence of equilibria in random matching models with divisible money. I applied it to several random matching models and obtained some existence theorem.
5. I found an efficient algorithm for solving a linear stationary point problem on polytopes. It can be used for computing an equilibrium in some games.
6. I found indeterminacy of equilibria in centralized market models with divisible money. More precisely, if the market institution is a uniform price auction market, there always exists a continuum of stationary equilibria.
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Research Products
(12 results)
