Stochastic Dynamics and Equilibrium Selection in Core-Periphery Model

• OTAZAWA Toshimori

  東北大学大学院情報科学研究科

• NISHIYAMA Hidenori

  東北大学大学院情報科学研究科

Bibliographic Information

Other Title

• 都市集積・分散ダイナミクスと確率的均衡

Abstract

 In this paper, we study a perfect foresight dynamics in the Core-Periphery(CP) model with taste heterogeneity of agents, that has multiple equilibria. We introduce stochastic fluctuations into the model and describe the state of the model by a Markov process. By solving the master equation and the value function, we show that equilibrium agglomeration patterns can be obtained as probability distributions around the stationary states of the mean dynamics and that this provides a basis for equilibrium selection in CP models.

Journal

• INFRASTRUCTURE PLANNING REVIEW

  INFRASTRUCTURE PLANNING REVIEW 27 (0), 121-129, 2010

  Japan Society of Civil Engineers

Keywords

• 産業立地
• 集積の経済
• 均衡選択

Details

• CRID: 1390001204638117760
• NII Article ID: 130006275173
• DOI: 10.2208/journalip.27.121
• ISSN: 18848303
• ISSN: 09134034
• Web Site: https://www.jstage.jst.go.jp/article/journalip1984/27/0/27_121/_pdf
• Data Source:
  • JaLC
  • Crossref
  • CiNii Articles
  • KAKEN
• Abstract License Flag: Disallowed