Journal of Statistical Physics

, Volume 165, Issue 2, pp 351–370 | Cite as

A Statistical Test of Walrasian Equilibrium by Means of Complex Networks Theory

  • Leonardo Bargigli
  • Stefano Viaggiu
  • Andrea Lionetto
Article

Abstract

We represent an exchange economy in terms of statistical ensembles for complex networks by introducing the concept of market configuration. This is defined as a sequence of nonnegative discrete random variables \(\{w_{ij}\}\) describing the flow of a given commodity from agent i to agent j. This sequence can be arranged in a nonnegative matrix W which we can regard as the representation of a weighted and directed network or digraph G. Our main result consists in showing that general equilibrium theory imposes highly restrictive conditions upon market configurations, which are in most cases not fulfilled by real markets. An explicit example with reference to the e-MID interbank credit market is provided.

Keywords

Exchange economy General equilibrium Complex networks Canonical ensembles Graph temperature Thermodynamics 

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Copyright information

© Springer Science+Business Media New York 2016

Authors and Affiliations

  1. 1.Dipartimento di Scienze per l’Economia e l’ImpresaUniversità di FirenzeFlorenceItaly
  2. 2.Dipartimento di MatematicaUniversitá ‘Tor Vergata’RomeItaly
  3. 3.Dipartimento di FisicaUniversitá ‘Tor Vergata’RomeItaly

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