On the observational equivalence of random matching

• 成果类型: Article
• 署名作者: Molzon, Robert; Puzzello, Daniela
• 署名单位: University of Illinois System; University of Illinois Urbana-Champaign; University of Kentucky
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2010.02.008
• 发表日期: 2010
• 页码: 1283-1301
• 关键词: Random matching; aggregate uncertainty; observational equivalence

摘要

Random matching is often used in economic models as a means of introducing uncertainty in sequential decision problems. We show that random matching processes that satisfy standard proportionality laws are not unique. We give conditions on the payoffs and transition functions of sequential decision models that insure that economic models are robust to the nonuniqueness of the matching process. Under these conditions, the information contained in the proportionality laws is all that is needed to know about the matching process to formulate the model. (C) 2010 Elsevier Inc. All rights reserved.