The exact law of large numbers for independent random matching

A-Tier
Journal: Journal of Economic Theory
Year: 2012
Volume: 147
Issue: 3
Pages: 1105-1139

Authors (2)

Score contribution per author:

2.011 = (α=2.01 / 2 authors) × 2.0x A-tier

α: calibrated so average coauthorship-adjusted count equals average raw count

Abstract

This paper provides a mathematical foundation for independent random matching of a large population, as widely used in the economics literature. We consider both static and dynamic systems with random mutation, partial matching arising from search, and type changes induced by matching. Under independence assumptions at each randomization step, we show that there is an almost-sure constant cross-sectional distribution of types in a large population, and moreover that the multi-period cross-sectional distribution of types is deterministic and evolves according to the transition matrices of the type process of a given agent. We also show the existence of a joint agent-probability space, and randomized mutation, partial matching and match-induced type-changing functions that satisfy appropriate independence conditions, where the agent space is an extension of the classical Lebesgue unit interval.

Technical Details

RePEc Handle
repec:eee:jetheo:v:147:y:2012:i:3:p:1105-1139
Journal Field
Theory
Author Count
2
Added to Database
2026-01-25