Uniqueness of Equilibria in Interactive Networks
This paper extends the unified network model, proposed by Acemoglu et al. (2016b), such that interaction functions can be heterogeneous, and the sensitivity matrix has less than or equal to one spectral radius. We show the existence and (almost surely) uniqueness of equilibrium under both eventually contracting and noncontracting assumptions. Applying the equilibrium in the study of systemic risk, we provide a measure to determine the key player who causes the most significant impact if removed from the network.
Code (0)
등록된 구현이 없습니다.
Tasks
SensitivitySimilar Papers 제목 키워드 기반
Existence and uniqueness of quadratic and linear mean-variance equilibria in general semimartingale markets
We revisit the classical topic of quadratic and linear mean-variance equilibria with both financial and real assets. The novelty of our results is that they are the first allowing for equilibrium prices driven by general…
Single and Attractive: Uniqueness and Stability of Economic Equilibria under Monotonicity Assumptions
This paper characterizes equilibrium properties of a broad class of economic models that allow multiple heterogeneous agents to interact in heterogeneous manners across several markets. Our key contribution is a new theo…
Uniqueness of feasible equilibria for mass action law (MAL) kinetic systems
This paper studies the relations among system parameters, uniqueness, and stability of equilibria, for kinetic systems given in the form of polynomial ODEs. Such models are commonly used to describe the dynamics of nonne…
Recent Advances on Uniqueness of Competitive Equilibrium
This article reviews the recent advances in the uniqueness and multiplicity of competitive equilibria in models arising in mathematical economics, finance, macroeconomics, and trade.
Minimal entropy and uniqueness of price equilibria in a pure exchange economy
We introduce uncertainty into a pure exchange economy and establish a connection between Shannon's differential entropy and uniqueness of price equilibria. The following conjecture is proposed under the assumption of a u…