Please use this identifier to cite or link to this item: https://doi.org/10.1016/j.jet.2012.01.003
Title: The exact law of large numbers for independent random matching
Authors: Duffie, D.
Sun, Y. 
Keywords: Exact law of large numbers
Independent random matching
Population dynamics
Random mutation
Search
Issue Date: May-2012
Citation: Duffie, D., Sun, Y. (2012-05). The exact law of large numbers for independent random matching. Journal of Economic Theory 147 (3) : 1105-1139. ScholarBank@NUS Repository. https://doi.org/10.1016/j.jet.2012.01.003
Abstract: This paper provides a mathematical foundation for independent random matching of a large population, as widely used in the economics literature. We consider both static and dynamic systems with random mutation, partial matching arising from search, and type changes induced by matching. Under independence assumptions at each randomization step, we show that there is an almost-sure constant cross-sectional distribution of types in a large population, and moreover that the multi-period cross-sectional distribution of types is deterministic and evolves according to the transition matrices of the type process of a given agent. We also show the existence of a joint agent-probability space, and randomized mutation, partial matching and match-induced type-changing functions that satisfy appropriate independence conditions, where the agent space is an extension of the classical Lebesgue unit interval. © 2012.
Source Title: Journal of Economic Theory
URI: http://scholarbank.nus.edu.sg/handle/10635/114175
ISSN: 00220531
DOI: 10.1016/j.jet.2012.01.003
Appears in Collections:Staff Publications

Show full item record
Files in This Item:
There are no files associated with this item.

SCOPUSTM   
Citations

22
checked on Oct 23, 2018

WEB OF SCIENCETM
Citations

21
checked on Oct 23, 2018

Page view(s)

40
checked on Sep 28, 2018

Google ScholarTM

Check

Altmetric


Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.