Minimal entropy and uniqueness of price equilibria in a pure exchange economy

• Tác giả: Andrea Loi, Stefano Matta
• Ngôn ngữ: eng
• Ký hiệu phân loại: 330.153 Classical economics
• Thông tin xuất bản: 2021
• Bộ sưu tập: Báo, Tạp chí
• ID: 166310

Tóm tắt

Comment: 12 pages, 1 figureWe 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 uniform probability distribution: entropy is minimal if and only if the price is unique for every economy. We show the validity of this conjecture for an arbitrary number of goods and two consumers and, under certain conditions, for an arbitrary number of consumers and two goods.