We consider an economy made of competing firms which are heterogeneous in their capital and use several inputs for producing goods. Their consumption policy is fixed rationally by maximizing a utility and their capital cannot fall below a given threshold (state constraint). We aim at modeling the interactions between firms on the markets of the different inputs on the long term. The stationary equlibria are described by a system of coupled non-linear differential equations: a Hamilton-Jacobi equation describing the optimal control problem of a single atomistic firm; a continuity equation describing the distribution of the individual state variable (the capital) in the population of firms; the equilibria on the markets of the production factors. We prove the existence of equilibria under suitable assumptions.

A mean field model for the interactions between firms on the markets of their inputs

Tonon D.
2024

Abstract

We consider an economy made of competing firms which are heterogeneous in their capital and use several inputs for producing goods. Their consumption policy is fixed rationally by maximizing a utility and their capital cannot fall below a given threshold (state constraint). We aim at modeling the interactions between firms on the markets of the different inputs on the long term. The stationary equlibria are described by a system of coupled non-linear differential equations: a Hamilton-Jacobi equation describing the optimal control problem of a single atomistic firm; a continuity equation describing the distribution of the individual state variable (the capital) in the population of firms; the equilibria on the markets of the production factors. We prove the existence of equilibria under suitable assumptions.
File in questo prodotto:
File Dimensione Formato  
Achdou-carlier-Petit-Tonon-A mean field model.pdf

Accesso riservato

Tipologia: Published (Publisher's Version of Record)
Licenza: Accesso privato - non pubblico
Dimensione 614.14 kB
Formato Adobe PDF
614.14 kB Adobe PDF Visualizza/Apri   Richiedi una copia
2207.05411v1.pdf

accesso aperto

Tipologia: Preprint (AM - Author's Manuscript - submitted)
Licenza: Altro
Dimensione 402.54 kB
Formato Adobe PDF
402.54 kB Adobe PDF Visualizza/Apri
Pubblicazioni consigliate

I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.

Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/11577/3479707
Citazioni
  • ???jsp.display-item.citation.pmc??? ND
  • Scopus 1
  • ???jsp.display-item.citation.isi??? 1
  • OpenAlex ND
social impact